Wells Fargo has agreed to sell its rail equipment leasing business to a joint venture formed by GATX Corp. and Brookfield Infrastructure.
The deal includes Wells Fargo’s full portfolio of rail operating and finance lease assets, with a book value of about $4.4 billion, according to a May 29 news release. The transaction is expected to close by the first quarter of 2026, pending customary closing conditions. The sale is not expected to materially affect the company’s financial position or earnings.
“This transaction is consistent with Wells Fargo’s ongoing strategy of simplifying our businesses and focusing on products and services that are core to our clients,” David Marks, executive vice president of Wells Fargo Commercial Banking, stated in the release.
