SMBC discloses $560 million loss in sale of rail car leasing business to ITE
Sumitomo Mitsui Financial Corp. (JP:8316) said Tuesday it would take an after-tax loss of $560 million in its sale of SMBC Rail Services to New York-based private-equity firm ITE Management LP, for an undisclosed sum. The deal comes about six years after it acquired the railcar company from Icahn Enterprises (IEP) for an initial sale price of up to $3.36 billion. Terms of the transfer of SMBC Rail Services to ITE Management LP were not immediately disclosed. SMBC Rail Services acquired Flagship Rail Services LLC in 2013 and American Railcar Leasing in 2017 to build up its fleet of rail cars to 50,000 as one of the leading leasing companies in the space, SMBC said. SMBC said it's shedding the unit as part of an effort to focus on commercial banking, sales and trading, and digital banking.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-07-23 0829ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks