|  Clifton Linton

SMBC Agrees to Buy American Railcar Leasing From Icahn Enterprises for Up to $3.364 Billion

Sumitomo Mitsui Banking Corp. (SMBC) announced this week that its railcar operating lessor and fleet management business, SMBC Rail Services LLC (SMBC Rail), has signed an agreement to purchase American Railcar Leasing LLC (ARL) from Icahn Enterprises L.P. in a deal that could be worth up to $3.364 billion. The deal is expected to close in the second quarter of 2017. SMBC will acquire 29,000 rail cars, according to a statement from Icahn Enterprises. Those cars are valued at $2.778 billion. Further, for up to three years after the deal closes, Icahn will have the option to sell to SMBC Rail an additional 4,800 rail cars. That sale is contingent upon SMB...

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