General Electric last week announced the sale of one of the last remaining pieces of its former GE Capital business.
The industrial giant sold its 15.5 percent stake in transportation and logistics firm Penske Truck Leasing to MBK USA Commercial Vehicles and Penske Automotive Group. MBK will pay about 65 percent of the $674 million price tag, with Penske Automotive paying the rest.
The company was originally formed through a combination of GE and Penske businesses in 1988. GE last year sold 14.4 percent of its stake in the company to Penske.
“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," GE Capital CEO Rich Laxer said in a statement. "We wish them continued success."
GE began selling most of its GE Capital division in 2015 as it shed non-core assets and focused on digital industrial equipment and software.
After the latest transaction, Penske Corp. will own the largest stake in the company at 41.1 percent, followed by 30 percent owned by MBK parent Mitsui & Co. and 28.9 percent owned by Penske Automotive.