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BRIEF-Penske Automotive increases ownership in Penske Truck Leasing
September 7, 2017 / 1:24 PM / 18 days ago

BRIEF-Penske Automotive increases ownership in Penske Truck Leasing

Sept 7 (Reuters) - Penske Automotive Group Inc

* Penske Automotive increases ownership interest in Penske Truck Leasing

* Penske Automotive Group Inc - ‍it has acquired an additional 5.5 pct interest in Penske Truck Leasing Co., L.P.​

* Penske Automotive Group Inc - deal for ‍approximately $239 million​

* Penske Automotive Group Inc - ‍company estimates earnings per share accretion from the transaction of $0.10 per share on an annualized basis​

* Penske Automotive Group Inc - ‍purchase price was funded using existing liquidity on company’s U.S. credit agreement​

* Penske Automotive - ‍by acquiring additional 5.5 pct interest in PTL, co expects to realize earnings accretion, additional cash flow from cash tax savings

* Penske Automotive -‍ by acquiring additional interest in PTL, co also expects an increase in annual cash distribution it provides to partners​

* Penske Automotive Group Inc - ‍ Mitsui & Co acquired an additional 10 pct ownership interest in PTL at the same valuation​

* Penske Automotive - ‍acquired additional interest in Penske Truck Leasing Co LP from subsidiaries of GE Capital Global Holdings LLC​ Source text for Eikon: Further company coverage:

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