USA: Wells Fargo has completed the sale of its wagon and locomotive leasing fleets, as part of a strategy of simplifying its businesses and focusing on products and services that are core to its clients.
A joint venture of GATX Corp and Brookfield Infrastructure Partners has completed the $4·2bn acquisition of around 101 000 wagons which are used by customers under operating leases. Separately, Brookfield Infrastructure completed the acquisition of Wells Fargo’s finance lease portfolio of around 22 000 wagons and 400 locomotives. GATX has a 30% stake in the joint venture, with the option to acquire 100% over time. It will serve as manager of both fleets.
Completion of the transaction in January 1 ‘marks an important milestone for GATX’, said GATX President & CEO Robert C Lyons. ‘With this acquisition, we not only expand our North American platform and enhance our ability to serve customers with a more diversified fleet, but we also maintain the financial flexibility to continue pursuing investment opportunities across our global businesses.’
Wells Fargo Securities served as exclusive financial adviser and Simpson Thacher & Bartlett as legal counsel to Wells Fargo in connection with the transaction, which was first announced in May 2025. BofA Securities acted as financial adviser to GATX and Brookfield Infrastructure. Mayer Brown was legal counsel to GATX and Skadden, Arps, Slate, Meagher & Flom to Brookfield Infrastructure.
