Penske Automotive Group, an international automotive retailer, has acquired a 9% limited partnership interest in Penske Truck Leasing Company from GE Capital for $219 million.
PTL, a joint venture between Penske Corporation and GE Capital, is a global transportation services provider that operates more than 200,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe, and Asia.
The all-cash transaction was financed with borrowings under the Company’s U.S. credit agreement.
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