Onex Corporation on Tuesday said that its partly owned Performance Logistics Group acquired Leaseway Auto Carrier Group, a transport company serving major carmakers, from Penske Truck Leasing Co.
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The financial terms of the deal, first announced in February, were not disclosed, according to a Reuters report.
Onex, a Toronto conglomerate whose holdings range from high technology to movie theatres, reportedly said the deal was a share exchange transaction that will leave it with 26% of the combined entity.
Penske Truck, a joint venture of closely held Penske Corp. and General Electric Co., told Reuters it received a significant minority interest in Performance Logistics as a result of the transaction.
According to Reuters, Onex said the deal will make Performance Logistics North America’s second largest transporter of new vehicles for carmakers, with annual revenues of about $US374 million. Major customers include General Motors and Toyota.
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