Wells Fargo Enters into Agreement to Sell Rail Equipment Assets

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced it has entered into a definitive agreement to sell the assets of the company’s rail equipment leasing business to a newly formed joint venture between GATX Corporation and Brookfield Infrastructure. The transaction is expected to close in Q1 2026 or sooner, subject to satisfaction of customary closing conditions.

“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,” said David Marks, Executive Vice President with Wells Fargo Commercial Banking.

The sale includes Wells Fargo's entire portfolio of rail operating lease assets, representing a book value of approximately $4.4 billion, as well as the rail finance lease portfolio. The sale is not expected to have a material impact on Wells Fargo's financial position or earnings.

Wells Fargo Securities, LLC served as exclusive financial advisor, and Simpson Thacher & Bartlett, LLP served as legal counsel to Wells Fargo in connection with the transaction.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

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News Release Category: WF-CF