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American ShipperShipping

Wells Fargo reportedly leads bidding for GE rail unit

A deal for GE Capital Rail Services, which has assets valued at over $4 billion, could come by Labor Day, according to initial reports from Bloomberg Business.

   Wells Fargo & Co. is now the leader in a bid to purchase the railcar financing unit of General Electric Co., according to initial reports from Bloomberg Business, which cited “people with knowledge of the matter.”
   Wells Fargo is reportedly competing with Sumitomo Mitsui Financial Group to finalize a deal for GE Capital Rail Services that could happen as soon as Labor Day. The Chicago-based freight and tank car lessor, maintenance and financial service provider has more than $4 billion in assets.
   GE, which considered selling the railcar unit multiple times in the past few years, is in the process of divesting around $200 billion of its financial services businesses, GE Capital, in an attempt to focus more its core on industrial production operations. The company has announced several sales since April, including $23 billion in real estate assets to Wells Fargo and investment firm Blackstone Group LP of New York, said Bloomberg.
   San Francisco-based Wells Fargo is also said to be considering a deal for $40 billion in commercial lending business from GE.

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