GATX Corp and Brookfield Infrastructure Partners L.P. have received all regulatory clearances to acquire Wells Fargo’s rail lease portfolio. The joint venture will purchase 105,000 railcars for $4.4 billion, with Brookfield separately acquiring 23,000 cars and 400 locomotives. Industry analysts note that major railroads have idled or sold 1,500 locomotives and 30,000 railcars since 2016. GATX will own 30% of the joint venture and manage equipment, with an option to acquire full ownership later. The transaction is set to close on or about Jan. 1.

Read more at Yahoo Finance: GATX, Brookfield complete buy of Wells Fargo rail leasing