GATX sells stake in AAE Cargo
SWITZERLAND: Chicago-based leasing company GATX Corp sold its 37·5% stake in European wagon owner AAE Ahaus Alstätter Eisenbahn Cargo to its partner AAE Ahaus Alstätter Eisenbahn Holding on September 26.
The sale price of €84·5m comprised €17·0m in cash and a €67·5m secured loan to AAE Holding. As a result of the sale, GATX will report an after-tax loss of approximately $3·0m attributable to the AAE affiliate in the third quarter.
GATX invested in AAE in 1994, when the European leasing company had around 2 500 wagons. Its fleet has now grown to more than 30 000 vehicles, with a focus on the intermodal sector. AAE said the change in shareholding would have no impact on its day to day operations.
'As a result of this sale, we are now better positioned to pursue growth opportunities in the European rail market through our wholly-owned business, GATX Rail Europe', said GATX President & CEO Brian A Kenney.