GE Sells Penske Truck Leasing Stake
September 13, 2017
has sold its remaining 15.5% equity stake in Penske Truck Leasing Co,
L.P., to Penske Automotive Group, Inc. (PAG) and MBK USA Commercial
Vehicles, Inc. (MBK), a subsidiary of Mitsui & Co., Ltd. Total proceeds
are approximately $674 million -- with PAG buying approximately 35% of
the stake and MBK buying 65% of the stake.
“This is one of the last
pieces of our former GE Capital businesses. To date, we have sold more
than $201 billion in assets as we refocus GE Capital on financing
businesses directly related to GE’s industrial businesses,” said Rich
Laxer, GE Capital chairman & CEO. “We’re pleased to be able to turn
Penske Truck Leasing fully over to our partners with whom we have worked
to grow this business together for close to 30 years. We wish them
Truck Leasing is a leading provider of transportation services and
supply chain management that was formed in 1988 through the combination
of existing businesses within GE and Penske.
Citigroup Global Markets Inc. and Deutsche Bank Securities, Inc.
provided financial advice to GE on this transaction and on the previous
stake sale in July 2016. Weil, Gotshal & Manges LLP and Reed Smith LLP
provided legal advice to GE.