GE Sells Remaining Equity Stake In Penske Truck Leasing - Quick Facts

(RTTNews) - GE (GE) announced the company has sold its remaining 15.5% equity stake in Penske Truck Leasing Co, L.P., to Penske Automotive Group, Inc. and MBK USA Commercial Vehicles, Inc., 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. Penske Truck Leasing is a provider of transportation services and supply chain management that was formed in 1988 through the combination of existing businesses within GE and Penske.

"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.