TORONTO, March 30 (Reuters) - Onex Corp. said on Tuesday its partly owned Performance Logistics Group acquired Leaseway Auto Carrier Group, a transport firm serving major automakers, from Penske Truck Leasing Co.
The financial terms of the deal, first announced in February, were not disclosed.
Onex, a Toronto-based conglomerate whose holdings range from high technology to movie theaters, said the deal was a share exchange transaction that will leave it with 26 percent of the combined entity.
Penske Truck, a joint venture of closely held Penske Corp. and General Electric Co. , said it received a significant minority interest in Performance Logistics as a result of the transaction.
Onex said the deal will make Performance Logistics North America's second largest transporter of new vehicles for automakers, with annual revenues of about C$490 million ($374 million). Major customers include General Motors and Toyota.
($1=$1.31 Canadian)