NORWALK, Conn.--(BUSINESS WIRE)--GE [NYSE:GE] announced today that it has sold its remaining 15.5% equity stake in Penske Truck Leasing Co, L.P., 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.

“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. “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. We wish them continued success.”

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.

Citigroup Global Markets Inc. and Deutsche Bank Securities, Inc. provided financial advice to GE on this transaction and on the previous stake sale in July 2016. Weil, Gotshal & Manges LLP and Reed Smith LLP provided legal advice to GE.

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