Wells Fargo Said to Be Front-Runner to Buy GE Railcar Unit
ByWells Fargo & Co. has emerged as the front-runner to buy General Electric Co.’s railcar-financing unit, people with knowledge of the matter said.
An agreement to buy the business, which has more than $4 billion in assets, could be announced by the U.S. Labor Day holiday Sept. 7, said the people, who asked not to be identified because the matter is private. A deal hasn’t been finalized, the people said. The process remains competitive, one of the people said. Sumitomo Mitsui Financial Group Inc. also is pursuing the business, the people said.
The Chicago-based rail-equipment unit, GE Capital Rail Services, leases freight and tank cars and offers loans and maintenance services. GE has weighed selling it at least twice since 2008, and ended an auction in 2011 after concluding that the lessor was faring well as freight shipments recovered…
Wells Fargo Said to Be Front-Runner to Buy GE Railcar Unit
