- General Electric (NYSE:GE) agrees to sell its railcar leasing business to Wells Fargo (WFC), and sells its tank car fleet assets and railcar repair facilities to Marmon Holdings; terms of the deals are not disclosed.
- The deals dismantle what was General Electric Railcar Services, a $4B-asset business that leases freight and tank cars and offers loans and maintenance services, and adds to a series of GE divestitures as the company seeks to return to its industrial roots.
- WFC says the deal will make its First Union Rail division the second-largest railcar and locomotive lessor in North America, adding to its existing fleet of more than 77K cars and ~1K locomotives.