Ptl Trucking Lease Purchase, Penske Automotive Increases Ownership Interest in Penske Truck Leasing

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Ptl Trucking Lease Purchase – Penske Automotive Team, Inc. (NYSE: PAG), a worldwide transport services company, revealed today that it has obtained an additional 5.5% interest in Penske Vehicle Leasing Co., L.P. (” PTL”), a leading company of transportation services as well as supply chain administration, from subsidiaries of GE Capital Global Holdings, LLC, for about $239 million. The acquisition price was moneyed using the existing liquidity on the business’s UNITED STATE credit history arrangement.

By obtaining the extra 5.5% possession interest in PTL, the company anticipates to understand revenues accretion, extra cash flow from cash tax cost savings as well as a boost in the annual cash distribution PTL supplies to its partners. The firm approximates the profits each share rise from this transaction of $0.10 each share on an annualized basis.

PAG will certainly continuously account for the ownership interest in PTL utilizing the equity approach of accounting as well as will videotape its share of PTL’s profits under the subtitle “Equity in incomes of associates” in its declaration of revenue.

At the same time, Mitsui & Co., Ltd. (” Mitsui”), our second largest shareholder, acquired an extra 10% ownership interest in PTL at the exact same evaluation. After conclusion of these deals, PTL is had 41.1% by Penske Corporation, 28.9% by Penske Automotive Group, as well as 30% by Mitsui.

About Penske Automotive

Penske Automotive Team, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transport solutions business that operates vehicle and also business vehicle dealers principally in the United States, Canada and also Western Europe, as well as distributes business lorries, diesel engines, gas engines, power systems and related components and solutions principally in Australia and also New Zealand. PAG uses more than 25,000 people worldwide and also belongs to the Fortune 500 as well as Russell 2000. For additional details visit the firm’s web site at www.penskeautomotive.com.

Care Concerning Forward Looking Declarations

Declarations in this news release could include progressive declarations, including progressive statements concerning Penske Automotive Team, Inc.’s future profits accretion possibility. Actual results may differ materially because of risks and unpredictabilities that are tough to anticipate. These dangers as well as uncertainties consist of, among others: financial problems generally, conditions in the credit score markets as well as changes in rate of interest and also foreign currency exchange rates, negative conditions influencing a particular producer, consisting of the unfavorable effect to the lorry and also components supply chain due to natural disasters, recall or various other interruptions that disturb the supply of cars or components to us, adjustments in non-mortgage consumer debt accessibility, the result of lawful and also administrative matters, and also other elements over which monitoring has actually restricted control.

These positive declarations need to be evaluated along with additional information concerning Penske Automotive’s organisation, markets, conditions and other unpredictabilities, which can influence Penske Automotive’s future performance. These threats as well as unpredictabilities are addressed in Penske Automotive’s Form 10-K for the year ended December 31, 2016, as well as its various other filings with the Stocks and Exchange Compensation (“SEC”). This news release speaks only as of its day, and also Penske Automotive disclaims any obligation to upgrade the information herein.

Ptl Trucking Lease Purchase

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Originally posted 2017-11-24 08:00:51.

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