GATX Sells 37.5% Stake In AAE Cargo To AAE Holding For €84.5 Mln.

(RTTNews) - Railcar leasing company GATX Corp. (GMT) Thursday announced the sale of its 37.5% stake in AAE Ahaus Alstätter Eisenbahn Cargo AG (AAE Cargo) to its partner, AAE Ahaus Alstätter Eisenbahn Holding AG (AAE Holding). The sale price of €84.5 million consisted of €17.0 million in cash and a €67.5 million secured loan to AAE Holding.

As a result of the sale, GATX said it will report an after-tax loss of about $3.0 million attributable to the AAE affiliate in the third quarter.

Brian Kenney, chief executive officer of GATX said, "As a result of this sale, we are now better positioned to pursue growth opportunities in the European rail market through our wholly-owned business, GATX Rail Europe."