October 01, 2015
Weil is advising longtime client General Electric in connection with the sale of its tank car fleet assets and railcar repair facilities to Marmon Holdings, Inc. and its remaining railcar leasing business, General Electric Railcar services LLC to Wells Fargo & Co. General Electric Railcar Services LLC offers a variety of railcars as well as repair and maintenance services throughout North America. These sales are a part of GE’s previously announced strategic plan to sell most of GE Capital’s assets. Financial terms of the transactions were not disclosed.
The sale of the tank car assets to Marmon is effective immediately, while the sale of the railcar repair facilities to Marmon is expected to close in the fourth quarter of 2015. The sale of the remaining railcar leasing business to Wells Fargo is subject to customary regulatory and other approvals and is expected to close by the end of the first quarter of 2016.
The Weil team advising GE was led by M&A partners Jon-Paul Bernard and Raymond Gietz, and includes Technology & IP Transactions partner Jeffrey Osterman; Environmental head Annemargaret Connolly; Environmental counsel Thomas Goslin; Executive Compensation & Benefits counsel Steven Margolis; M&A associates David Gail, Colby McKenzie, Michelle Sargent and Adam Templeton; Technology & IP Transactions associates Dennis Adams, Caroline Geiger, Claudia Hoeben and Eric Leventhal; Tax associates Tristan Evans-Wilent and Joseph Reich; and Executive Compensation & Benefits associate Amanda Rosenblum.