Transpacific to sell commercial vehicle group

Group offloads business to Penske, will use funds to repay existing debt.

Transpacific Industries Group Ltd will sell its commercial vehicle group to Penske Automotive Group Inc, as it looks to pay down existing debt.

In a statement to the Australian Securities Exchange, Transpacific said it would offload the group for a price of $219 million "subject to normal completion adjustments and a small number of usual conditions precedent".

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