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General Electric sells 14.4% sake in Penske Truck Leasing

Staff Writer | July 29, 2016
General Electric (GE) has closed the sale of a 14.4% limited partner interest in Penske Truck Leasing to Penske Automotive Group.
Penske Truck
Selling   Ending net investment of approximately $0.4 billion
The sale represents ending net investment (ENI) of approximately $0.4 billion and leaves GE with a 15.5% limited partner interest in the business. In addition to the interests owned by Penske Automotive Group and GE, Penske Truck Leasing is owned by Penske Corporation and Mitsui.

GE is focusing on its high-value industrial businesses and is selling most of GE Capital’s assets. GE will retain the financing verticals that relate directly to GE’s industrial businesses.

Including this transaction, and since the announcement in April, 2015, GE Capital has signed agreements for approximately $189 billion and has closed approximately $168 billion of those deals.

GE Capital plans to sell approximately $200 billion of GE Capital businesses worldwide and expects to have largely completed the process by the end of 2016.

GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, subject to regulatory approval.