New England auto giant Herb Chambers Companies has been acquired by the publicly traded Asbury Automotive Group in a $1.34 billion blockbuster deal.

Herb Chambers, a Dorchester native and major Boston-area philanthropist, will stay on after the merger in the post of Special Advisor to Asbury. Chambers will retain ownership of Mercedes-Benz of Boston in Somerville.

“As I look back on the last 40 years in business, I do so with immense pride, and as I look forward, I will do so with great satisfaction knowing what we built together will be in trusted hands,” said Chambers in a release announcing the sale.

The deal for Herb Chambers Companies, which booked $2.9 billion in revenue in 2024, includes 33 dealerships, 52 franchises, and three collision centers.

“We’re excited to bring Asbury and the Herb Chambers team together. Herb is an icon in Boston, and he has built a world class organization, with a strong reputation for serving his guests and being highly engaged in the communities,” said David Hult, Asbury’s President & CEO. “HCC is a respected brand with a rich history and reputation for having a customer and team member-focused culture, aligning directly with Asbury’s North Star to become the most guest-centric automotive retailer.”

The deal is expected to close in the second quarter of 2025.  Asbury, a publicly traded company listed on the New York Stock Exchange under the ticker ABG, is funding the $1.34 billion acquisition with a combination of credit, cash and mortgage proceeds, according to the announcement.

At the time of the deal, the Chambers Companies was the 14th largest private dealer by revenues in the U.S.

At the close of 2024,  Asbury operated 152 new vehicle dealerships, with 198 franchises and represented 31 domestic and foreign brands of vehicles. The company is based in Duluth, GA and is listed by the Financial Times as one of the fastest growing companies in 2024.

Just last December, Chambers made a $100 million donation to Massachusetts General Hospital for a new tower focused on cancer care.

Chambers said at the time that the gift to Mass General was part of his ongoing effort to give back to the city, noting he wanted it to “shine as a beacon of hope for everyone touched by this awful disease.”

“I don’t want anybody sick, but if you’ve got to be sick – nobody’s feeling good. If you got cancer, it’s probably your worst nightmare,” he said at an event to announce the donation. “So if you can, just make it as comfortable as you can, until you can cure it. And I think the things you’ve designed and you’re building will be the most comfortable situation that could be.”

— Developing