DLA Piper has advised Penske Automotive Group Inc. (NYSE:PAG), an international transportation services company, and its Australian subsidiary on the acquisition of MTU Detroit Diesel Australia.

MTU Detroit Diesel Australia is a leading distributor of diesel and gas engines and power systems, operating in Australia, New Zealand and the Pacific.

The acquisition of MTU Detroit Diesel Australia from the company’s two primary distribution partners, Daimler AG and MTU Friedrichshafen (an affiliate of Rolls Royce Power Systems) will bring added scale and will complement Penske’s existing Commercial Vehicle business operating in these markets.

The DLA Piper team was led by partner Lyndon Masters and senior associate Matthew Parkinson.

"We are pleased to advise Penske Automotive Group on their ongoing strategy to grow and enhance its business in Australia. This transaction is a clear example of where our global network allows us to assist clients where ever their business might take them."

The transaction is subject to customary closing deliveries and is expected to be completed in the fourth quarter of 2014, following which MTU Detroit Diesel Australia is expected to contribute an estimated AU$225 - AU$250 million in annualized revenue to Penske Automotive Group.

Daimler AG and MTU Friedrichshafen were advised by Ashurst.