Simpson Thacher has advised Wells Fargo & Company (“Wells Fargo”) on its agreement to sell the assets of its rail equipment leasing business to a newly formed joint venture between GATX Corporation and Brookfield Infrastructure. The sale includes Wells Fargo's entire portfolio of (1) rail operating lease assets, representing a book value of approximately $4.4 billion, and (2) rail finance lease assets.
The Simpson Thacher team included Timothy Gaffney, Lee Meyerson, Sven Mickisch, Louis Argentieri, Makala Kaupalolo, Surya Banerjee, Scott Turtur, Jacob Cohen and Yun-Wen (Molly) Tsang (M&A); Caroline Geiger, Dewey Kang and Sara Liu (Intellectual Property); Jeannine McSweeney, Joshua Stephens and Abigail Janik (Executive Compensation and Employee Benefits); Jonathan Goldstein, George Rhein and Ruoxi Zhang (Tax); Edgar Lewandowski and Minaal Wickremesinghe (Capital Markets); Jennifer Albrecht (Credit); Niels Jensen and Erin Camia (Structured Products); Peter Guryan, Étienne Renaudeau, Max Fischer-Zernin and Henry Llewellyn (Antitrust); Mick Tuesley, Michael Kalinin and Thomas Lopez (National Security); and Brian Christiansen (Bank Regulatory).