The Tokyo and New York offices of Debevoise & Plimpton LLP have advised Mitsui & Co., Ltd. (“Mitsui”) in its acquisition of an additional 10% Limited Partnership (“LP”) interest in Penske Truck Leasing Co., L.P. (“PTL”) from subsidiaries of GE Capital Global Holdings, LLC (“GEC”) for approximately $435 million (JPY 48 billion). As a result of the transaction, Mitsui now owns a 30% LP interest in PTL.
Mitsui is one of the largest general trading companies in Japan.
PTL is a full-service truck leasing, rental and contract maintenance businesses mainly in North America. The company, through its subsidiary Penske Logistics, also operates an international logistics business in North America, South America, Europe, and Asia.
Debevoise previously advised Mitsui in its original acquisition of a 20% LP interest in PTL in 2015.
The Debevoise team advising Mitsui was led by partners Ezra Borut, Jennifer Chu and Gary Friedman, and included international counsel Naomi Aoyama and associates Joseph Binder, David Martinez and Jordan Corrente Beck.
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