Mitsui Acquires 20% Interest in Penske from GE Capital
Mitsui through its newly established two holding companies, Mitsui has acquired a 20.0% limited partnership interest in Penske Truck Leasing (PTL) from GE Capital at an amount of approximately $750 million.
PTL is now owned by subsidiaries of Penske, GE Capital and Mitsui. Following Mitsui’s investment, Penske subsidiaries own 50.1% of PTL (including a 9.0% interest owned by Penske Automotive Group), GE Capital owns 29.9%, and Mitsui owns 20.0%. Penske will continue to control PTL’s General Partner and will be responsible for the management of the business and affairs of the company.
PTL operates a full-service truck leasing, truck rental and contract maintenance business in the U.S. and Canada, and it recently expanded its commercial truck rental and leasing business to Australia. Through PTL’s subsidiary, Penske Logistics, it also operates an international logistics business in North America, South America, Europe and Asia. PTL operates a vehicle fleet in North America of approximately 216,000 trucks, semi-tractors and trailers and operates a vast network of locations.