GE Sells Equity Stake in Penske Truck Leasing
GE announced that it has sold its remaining 15.5% equity stake in Penske Truck Leasing 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.
According to 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.”
Penske 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.
Category: News
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
