Sep
30
Wells Fargo Agrees to Acquire GE’s Railcar Leasing Business
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Bank’s leasing subsidiary to become industry’s second biggest
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GE also agrees to sell tank cars to Berkshire Hathaway unit
Wells Fargo & Co., the world’s largest bank by market value, agreed to buy the bulk of a railcar- and locomotive-leasing unit from General Electric Co. as the industrial giant retreats from financial services.
The deal will make Wells Fargo’s First Union Rail division the second-largest railcar and locomotive lessor in North America, adding more than 77,000 cars and about 1,000 locomotives to its existing fleet, the bank said Wednesday in a statement. Simultaneously, GE sold tank car assets and repair facilities to Berkshire Hathaway Inc.’s Marmon Holdings. Terms weren’t disclosed for either transaction…
Wells Fargo Agrees to Acquire GE’s Railcar Leasing Business
