Wells Fargo & Company 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.