GATX soars on JV deal for Wells Fargo's $4.4 billion rail assets portfolio

Shares of railcar lessor GATX GATX.N rise 9.3% to $160.07

Wells Fargo WFC.N after market on Thursday said it had signed a deal to sell its rail equipment leasing business to a newly formed joint venture between GATX and Brookfield Infrastructure BIP.N

Deal includes the U.S. banking giant's entire rail operating lease assets valued at around $4.4 billion, as well as the rail finance lease portfolio

GATX will initially own 30%, while BIP will own 70% of the JV, with the former having the option to acquire full ownership over time

GATX said it will have commercial and operational control, and manage all joint venture assets

YTD, shares of GATX up 3.3%, including session gains