Latest news with #BIP
Business Wire
5 days ago
- Business
- Business Wire
GATX Corporation and Brookfield Infrastructure to Acquire Wells Fargo's Rail Assets
CHICAGO--(BUSINESS WIRE)--GATX Corporation (NYSE: GATX) announced today a definitive agreement to acquire approximately 105,000 railcars from Wells Fargo for $4.4 billion through a newly formed joint venture with Brookfield Infrastructure Partners L.P. ('BIP') (NYSE: BIP; TSX: and its institutional partners (collectively, 'Brookfield Infrastructure'). Initial joint venture equity ownership will be GATX (30%) and Brookfield Infrastructure (70%), with GATX having the option to acquire 100% of the joint venture equity over time. GATX's global portfolio of assets includes tank and freight railcars, commercial aircraft spare engines, and tank containers. BIP is the flagship listed infrastructure company of Brookfield Asset Management, a leading global alternative asset manager, with over $1 trillion of assets under management. 'This is an outstanding opportunity to build on GATX's leading North American platform,' said Robert C. Lyons, president and chief executive officer of GATX. 'Throughout our 125-plus-year history, we have developed unique asset, commercial and operational expertise that positions us to acquire and integrate this fleet. Importantly, by acquiring the assets in this manner, we will maintain the financial flexibility and capacity to continue growing all of our businesses while capitalizing on the value creation opportunities inherent in the assets acquired.' Mr. Lyons added, 'We will work closely with customers to ensure an efficient transition to GATX's commercial and operational platform. The acquisition will enhance GATX's fleet diversification, providing additional opportunities to serve our customers. In the first full year after closing, we expect the impact of the transaction to be modestly accretive to earnings per share, with more material contributions thereafter.' The transaction is subject to customary closing conditions, including required regulatory approvals and clearances, and it is expected to close in the first quarter of 2026 or sooner. Advisors BofA Securities acted as the sole financial advisor to GATX and Brookfield Infrastructure. Mayer Brown is serving as legal counsel to GATX. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Brookfield Infrastructure. Transaction Details The following information relates to the newly formed joint venture between GATX and Brookfield Infrastructure and the agreement to acquire the rail operating lease portfolio, composed of approximately 105,000 railcars: Joint Venture Structure Initial equity ownership in the joint venture will be shared between GATX (30%) and Brookfield Infrastructure (70%). GATX will have commercial and operational control of the joint venture assets and will manage all assets on behalf of the partners. GATX will hold a series of annual call options that, if exercised, will enable GATX to acquire up to 100% of Brookfield Infrastructure's equity interest over time. If each annual call option is exercised, GATX would acquire Brookfield Infrastructure's equity interest in 10 years or less. GATX's initial equity contribution will be approximately $400 million and will be funded through general operating cash flow and financing activity. Future call options, if exercised, also will be funded through general operating cash flow and financing activity and will fit manageably within GATX's ordinary capital investment plan. It is expected that the joint venture will be a static pool of assets. GATX's current and future investment and growth initiatives across its businesses are expected to be unaffected by this acquisition. Joint Venture Financing In addition to the partner equity contributions, Wells Fargo Securities, LLC, BofA Securities, MUFG Bank Ltd., and Sumitomo Mitsui Banking Corporation (SMBC) are providing the joint venture with a fully underwritten $3.2 billion 5-year unsecured term loan and a $250 million unsecured revolving credit facility. Financial Statement Impact Given GATX's commercial and operational control of the joint venture assets, it is expected that the joint venture will be consolidated on GATX's financial statements. It is expected that Brookfield Infrastructure's initial joint venture equity contribution, a Non-Controlling Interest ('NCI'), will be presented on GATX's balance sheet as common equity. GATX's post-acquisition credit and return metrics are expected to be generally in line with current metrics. The Wells Fargo Rail Assets Acquired The 105,000 railcar operating lease portfolio consists primarily of freight cars (95%), spread across a diverse mix of specific car types. Current fleet utilization is approximately 97%. GATX Corporation will hold an investor call on the morning of May 30, 2025 to discuss the transaction. Call details are as follows: Replay: 1-800-770-2030 (or 1-609-800-9909 International) / Access Code: 8822283 Call-in details, a copy of this press release, related presentation materials and real-time audio access are available at Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time), May 30, 2025. Statements contained in this press release that are not based on historical facts are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that are difficult to predict and could cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Forward-looking statements include, but are not limited to, statements regarding our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by words such as 'may,' 'could,' 'expect,' 'intend,' 'plan,' 'seek,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'outlook,' 'continue,' 'likely,' 'will,' 'would,' and similar expressions. Forward-looking statements are based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Actual results may differ materially from those anticipated in these statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. A variety of factors could cause actual results to differ materially from current expectations expressed in forward-looking statements, including, but not limited to, those discussed under 'Risk Factors' and elsewhere in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. These factors include, among others: a significant decline in customer demand for our transportation assets or services (including as a result of prolonged inflation or deflation, high interest rates, weak macroeconomic conditions and the impact of global trade disruptions, weak market conditions in our customers' businesses, adverse changes in the price of or demand for commodities, changes in railroad operations, efficiency, pricing and service offerings, labor strikes or shortages, changes in or disruptions to supply chains, availability of alternative modes of transportation, changes affecting the aviation industry, customers' decisions to purchase rather than lease transportation assets, or other operational or commercial decisions by our customers); inability to maintain our transportation assets on lease at satisfactory rates and terms due to reduced demand, oversupply, or other market changes; competitive factors in our primary markets, including competitors with greater financial resources, higher credit ratings, or lower costs of capital; higher costs associated with increased assignments of transportation assets following non-renewal of leases, customer defaults, or maintenance programs; events adversely impacting assets, customers, or regions where we have concentrated investment exposure; financial and operational risks associated with long-term purchase commitments for transportation assets; reduced opportunities to generate asset remarketing income; inability to successfully complete and manage ongoing acquisition and divestiture activities; reliance on key suppliers or partners, such as Rolls-Royce in our aircraft spare engine leasing business, and risks associated with their performance; potential obsolescence of our assets; risks related to international operations and expansion, including changes in laws, regulations, tariffs, taxes, treaties, or trade barriers; failure to successfully negotiate collective bargaining agreements with unions representing our employees; inability to attract, retain, and motivate qualified personnel, including key management; inability to maintain and secure our information technology infrastructure from cybersecurity threats and related disruptions; exposure to damages, fines, penalties, and reputational harm from litigation, including claims arising from accidents involving transportation assets; changes in, or failure to comply with, laws, rules, and regulations; environmental liabilities and remediation costs; operational, functional, and regulatory risks associated with climate matters, severe weather events, and natural disasters; U.S. and global political conditions, including increased geopolitical tensions and wars, and their impact on economic conditions and supply chains; fluctuations in foreign exchange rates; deterioration of capital market conditions, reductions in our credit ratings, or increases in financing costs; inability to obtain cost-effective insurance; changes in assumptions, increased funding requirements, or investment losses in our pension and post-retirement plans; inadequate allowances for credit losses in our portfolio; asset impairment charges; inability to maintain effective internal control over financial reporting and disclosure controls and procedures; and the occurrence of a widespread health crisis and the impact of related measures. These and other risks and uncertainties could cause actual results to differ materially from those projected or implied in forward-looking statements. For a more complete discussion of these and other risks, please refer to our filings with the U.S. Securities and Exchange Commission. COMPANY DESCRIPTION At GATX Corporation (NYSE: GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919. Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on under the 'Investors' tab.
South Wales Argus
6 days ago
- Business
- South Wales Argus
Charities invited to apply for share of £100,000 funding
CrossCountry has opened applications for its annual Customer and Communities Improvement Fund (CCIF), which supports initiatives that reduce pollution, protect the environment, support sustainable community growth, and create a positive impact on wider society. The summer application period closes on Friday, June 6. Candice Dos Santos Hodgson, project manager at CrossCountry, said: "We're excited to launch the next Customer and Communities Improvement Fund and can't wait to see what applications come in from communities across the country. "We'd be delighted to hear from projects and groups looking to improve the communities served by the CrossCountry network, especially with an emphasis on social value and sustainability." Since April 1, 2022, the CCIF has supported 30 initiatives across the country, with a total value of more than £550,000. This includes a £17,000 donation to Social Bite's Job First programme in Edinburgh and a £40,000 donation to the Cornwall Community Foundation. Marzena Farana-Sherlock, director of social impact at Social Bite, said: "The generous funding from CrossCountry will allow us to continue supporting individuals affected by homelessness into jobs, which can be truly life-changing." For the first time this year, additional funding will be delivered by CrossCountry through its Biodiversity Improvements Projects (BIP) fund. This will support projects on and around the rail network that enhance biodiversity, improve access to nature, and help the railway adapt to the changing climate. To find out more and to apply to the fund, visit the CrossCountry website.
Business News Wales
6 days ago
- Business
- Business News Wales
Welsh Charities Urged to Apply for Funding from Leading Train Operator
Long-distance train operator CrossCountry has announced that its Customer and Communities Improvement Fund (CCIF), to support community initiatives across the CrossCountry network, is now open for applications. The refreshed grant scheme will open at intervals throughout the year – with the summer application period closing on Friday 6 June. A total of £100,000 has been made available throughout the year for community projects that deliver tangible social and environmental benefits across the UK, including South Wales. Candice Dos Santos Hodgson, Project Manager at CrossCountry, said: 'We're excited to launch the next Customer and Communities Improvement Fund and can't wait to see what applications come in from communities across the country. 'We'd be delighted to hear from projects and groups looking to improve the communities served by the CrossCountry network, especially with an emphasis on social value and sustainability – if this sounds like you, please visit our website to apply.' Since 1 April 2022, the Customer and Communities Improvement Fund has supported 30 different initiatives across the country, to a total value of over £550,000. This has included £17,000 donation to social enterprise Social Bite's Job First programme in Edinburgh, as well as a £40,000 donation to Cornwall Community Foundation. Tamara Sherston-Baker, Development Director at the Cornwall Community Foundation, said: 'It's been fantastic to work with CrossCountry to help even more projects and initiatives with their critical community work across Cornwall. 'We always value support from businesses and organisations working in Cornwall and we look forward to working closely with CrossCountry again in the future.' Marzena Farana-Sherlock, Director of Social Impact at Social Bite, said: 'The generous funding from CrossCountry will allow us to continue supporting individuals affected by homelessness into jobs, which can be truly life-changing. By working closely with employers and partners, we aim to create a long-term, systemic shift in how people with a background of homelessness access and sustain employment.' Applications to the fund can be made through an easy-to-complete online form. To find out more and to apply to the Fund, visit For the first time this year, additional funding will be delivered by CrossCountry through its Biodiversity Improvements Projects (BIP) fund, which will support projects on and around the rail network that enhance biodiversity, improve access to nature and help the railway adapt to the changing climate. Applications to the BIP fund for this year can be made at
Mint
16-05-2025
- Mint
Amazfit BIP 6 smartwatch launched in India at ₹7,999: Features, battery and more
Global smart wearable manufacturer Amazfit has officially introduced its latest offering, the Amazfit BIP 6, in India. Priced at ₹ 7,999, the smartwatch is now available for purchase through the company's official website, Amazon India, and selected retail outlets. The BIP 6 marks a generational update in the BIP series. This smartwatch features a 1.97-inch AMOLED display, which is claimed to offer a peak brightness of 2000 nits. In terms of build, the smartwatch features an aluminium alloy frame and 5 ATM water resistance, making it suitable for everyday use and the upcoming monsoon season. It is available in four colour options: Black, Charcoal, Stone, and Red. Health tracking is a key component of the BIP 6, which comes equipped with Amazfit's latest BioTracker 6.0 PPG biometric sensor. This enables heart rate and SpO₂ monitoring, stress tracking, HRV measurements, and in-depth sleep analysis that includes sleep stages and respiratory quality. On the fitness front, users can choose from more than 140 sports modes. The watch also offers features such as Smart Strength Training, which automatically identifies muscle groups during workouts, and offline navigation with round-trip routing—catering to outdoor enthusiasts. Battery life is another area where the company has focused its efforts. The BIP 6 claims to deliver up to two weeks of usage on a single charge, depending on usage patterns. Smart connectivity features include the ability to answer calls directly from the wrist, reply to text messages using a touch keyboard or voice-to-text, and hands-free control through the brand's Zepp Flow voice assistant. 'The Indian smartwatch market has evolved rapidly, with consumers now demanding premium features without the premium price tag,' said CP Khandelwal, CEO PR Innovations and Brand Custodian, Amazfit India.
Mint
16-05-2025
- Business
- Mint
Amazfit BIP 6 smartwatch launched in India at ₹7,999: Features, battery and more
Global smart wearable manufacturer Amazfit has officially introduced its latest offering, the Amazfit BIP 6, in India. Priced at ₹ 7,999, the smartwatch is now available for purchase through the company's official website, Amazon India, and selected retail outlets. The BIP 6 marks a generational update in the BIP series. This smartwatch features a 1.97-inch AMOLED display, which is claimed to offer a peak brightness of 2000 nits. In terms of build, the smartwatch features an aluminium alloy frame and 5 ATM water resistance, making it suitable for everyday use and the upcoming monsoon season. It is available in four colour options: Black, Charcoal, Stone, and Red. Health tracking is a key component of the BIP 6, which comes equipped with Amazfit's latest BioTracker 6.0 PPG biometric sensor. This enables heart rate and SpO₂ monitoring, stress tracking, HRV measurements, and in-depth sleep analysis that includes sleep stages and respiratory quality. On the fitness front, users can choose from more than 140 sports modes. The watch also offers features such as Smart Strength Training, which automatically identifies muscle groups during workouts, and offline navigation with round-trip routing—catering to outdoor enthusiasts. Battery life is another area where the company has focused its efforts. The BIP 6 claims to deliver up to two weeks of usage on a single charge, depending on usage patterns. Smart connectivity features include the ability to answer calls directly from the wrist, reply to text messages using a touch keyboard or voice-to-text, and hands-free control through the brand's Zepp Flow voice assistant. 'The Indian smartwatch market has evolved rapidly, with consumers now demanding premium features without the premium price tag,' said CP Khandelwal, CEO PR Innovations and Brand Custodian, Amazfit India. He added, 'The BIP 6 represents our commitment to this vision with its segment-first 2000 nits display at the ₹ 7,999 price point.'
