NEW YORK, NY – 12/22/2016 (PRESS RELEASE JET) — Sumitomo Mitsui Banking Corp (SMBC) announced that its railcar operating lessor and fleet management business, SMBC Rail Services LLC (SMBC Rail), has signed an agreement to purchase American Railcar Leasing LLC (ARL) from Icahn Enterprises
L.P. (NASDAQ: IEP)
The transaction, which will produce a premier full service lessor of long-lived rolling stock, offering comprehensive rail leasing solutions in North America, with a combined fleet of approximately 50,000+ railcars that are positioned to carry a wide variety of commodities and serve a broad range of industries, including energy, steel, agriculture, petrochemical and consumer goods. The expected close is in the first half of calendar year 2017.
SMBC Rail, a leading North American Railcar Lessor, Headquartered in Chicago Il., was founded in 2006 as AIG Rail Services Inc. In May 2011 AIG Rail Services Inc. was purchased by Perella Weinberg Partners Asset Based Value Strategy Fund and transitioned to Flagship Rail Services LLC. In December 2013 Flagship Rail was purchased by Sumitomo Mitsui Banking Corporation.
“The combined fleets of SMBC Rail and ARL is an example of two complementary businesses coming together to provide better solutions for our customers. This portfolio will be one of, if not the youngest, most efficient, diversified fleets in the industry” said, Gene Henneberry, President and Chief Executive Officer of SMBC Rail. “We look forward to serving and continuing to grow with our customers”.
About Sumitomo Mitsui Banking Corporation
SMBC is headquartered in Tokyo, Japan, and is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group, Inc. (“SMFG”). Listed on the Tokyo, Nagoya and New York (via ADRs) stock exchanges; SMFG has a market capitalization of approximately US$48 billion. SMFG is a leading financial institution in Japan as well as a global provider of financial services.
Bank of America Merrill Lynch and SMBC Nikko Securities America, Inc. acted as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom, LLP and Chapman and Cutler LLP legal advisor to SMBC in connection with this transaction.
Full News Story: http://pressreleasejet.com/news/smbc-rail-services-announces-the-purchase-of-american-railcar-leasing-from-icahn-enterprises-lp-nasdaq-iep.html
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Media Contact
Company Name: SMBC Rail Services, LLC
Contact Person: Gene Henneberry, President & CEO
Email: gene.henneberry@smbcrail.com
Phone: 312-559-4801
Country: United States
Website: http://www.smbcrail.com/
