GATX: The receivers of Sydney-based Allco Finance Group sold the company's North American lease fleet of 3 650 wagons to GATX Corp during December. The price of US$217m comprised US$30m in cash and the assumption of US$187m in debt.
'This acquisition reflects GATX's strategy of only acquiring railcars at attractive valuations,' said GATX President & CEO Brian A Kenney. 'These railcars are young, fully utilised and complementary to our existing fleet. This transaction will generate attractive economic returns for our shareholders and enhance our earnings growth over the long term.'
Last May BTMU Capital Corp paid US$112m to acquire the European rail leasing activities of Allco Finance Group, which went into voluntary administration on November 4.
