GATX
The acquisition of Wells Fargo’s rail operating lease portfolio by a joint venture of GATX and Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, Brookfield Infrastructure) closed Jan. 1, 2026, according to GATX. The portfolio comprised some 101,000 railcars, and the purchase price was approximately $4.2 billion, reflecting the fleet count at closing. GATX said it anticipates the transaction will be “modestly accretive to earnings per share in the first full year after closing, with more substantial contributions expected in subsequent years.”
In May 2025, the joint venture partners entered into a definitive agreement to acquire the portfolio, and on Dec. 23, they announced receipt of all required regulatory clearances to complete the transaction.
“This marks an important milestone for GATX,” said Robert C. Lyons, President and CEO of GATX. “With this acquisition, we not only expand our North American platform and enhance our ability to serve customers with a more diversified fleet, but we also maintain the financial flexibility to continue pursuing investment opportunities across our global businesses. I believe the acquisition positions GATX for continued growth and value creation for our shareholders. I want to thank our partner and employees for their tireless efforts and support throughout the process. We are well positioned to ensure a seamless transition while delivering the high level of service our customers expect.”
Separately, Brookfield Infrastructure completed the acquisition of Wells Fargo’s rail finance lease portfolio, which includes approximately 22,000 railcars and about 400 locomotives, according to GATX. GATX will serve as manager of the railcars in the joint venture, as well as the finance lease railcars and locomotives directly owned by Brookfield Infrastructure.
Additional transaction details and full-year 2026 guidance will be shared during GATX’s fourth-quarter 2025 earnings call, the date for which will be announced later this month.
BofA Securities acted as the sole financial advisor to GATX and Brookfield Infrastructure. Mayer Brown is serving as legal counsel to GATX, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Brookfield Infrastructure.
Further Reading:
- GATX: ‘Rail North America’s Fleet Utilization Remains Strong’
- Organic Growth or Doing More With Less?
- GATX’s Lyons: 2Q25 ‘Solid Operating Performance,’ Full-Year Earnings Estimate Up
- Rail Equipment Call: Decision Paralysis Continues
Enviri /New Enviri
Philadelphia, Pa.-based Enviri on Jan. 5 reported the retirement of Chief Financial Officer Tom Vadaketh and the planned appointment of Pete Minan as CFO of New Enviri concurrently with New Enviri’s planned spinoff into a standalone publicly traded company. Minan will serve as a consultant to Enviri as New Enviri prepares for the spin-off.
Harsco Corporation in June 2023 reported changing its name to Enviri, which reflected its transformation into an “environmental solutions company that provides services to manage, recycle, and beneficially reduce waste and byproducts across many industries.” The company began trading under the NYSE ticker “NVRI” and has operated out of more than 150 locations in 30-plus countries.
Enviri’s three divisions—Harsco Rail, a global supplier for track maintenance and construction management; Harsco Environmental, an environmental services and solutions provider for the steel industry; and Clean Earth, an environmental and regulated waste management services provider—continued to operate under their existing names.
The spinoff of New Enviri will be effected in connection with the Enviri’s sale of Clean Earth to Veolia Environnement SA. According to Enviri, the Clean Earth sale “remains on track” for completion in mid-2026, and Tom Vadaketh will remain CFO of Enviri until the transactions are completed.
“We are grateful for Tom’s impact on the organization and the strength he has brought to our finance function, especially throughout our successful strategic alternatives initiative,” Enviri Chairman and CEO Nick Grasberger said. “Tom is guiding the company through a time of significant change, providing steady leadership, technical expertise, and disciplined financial stewardship, and leaving a legacy of financial discipline, increased engagement, and professional development for our finance team. He has positioned the company well for its next chapter, and we wish him well in his retirement.”
“I am pleased to welcome Pete back as the CFO of New Enviri as we position Harsco Environmental and Rail for success and build a company that creates value for shareholders and customers,” said Russell Hochman, Enviri President and Chief Operating Officer and CEO designate of New Enviri. “Pete’s financial acumen, deep understanding of our businesses, and strategic mindset make him the ideal financial leader for New Enviri.”
“Harsco Environmental and Rail are market-leading providers of innovative solutions for the steel and rail industries, and they have a significant opportunity to drive enhanced financial performance and sustainable growth under their new company structure,” said Pete Minan, who joined Harsco Corporation as CFO in October 2014 and served in the role for seven years until his retirement in October 2021; he returned to Enviri on an interim basis as CFO in August 2022 and served through October 2023. “I am eager to hit the ground running and look forward to partnering with Russell and the leadership team to ensure a successful and seamless separation and to create value for our New Enviri shareholders.”
Additional members of New Enviri’s leadership team, as well as its Board of Directors, will be announced at a later date, according to Enviri, which noted that it “expects to file a Form 10 registration statement for New Enviri with the U.S. Securities and Exchange Commission in connection with the New Enviri spinoff, which remains subject to satisfaction of customary closing conditions.”
TX Rail Products
TX Rail Products, an Ashland, Ky.-based supplier of rail and rail products to the U.S. coal mining industry, short lines and tunneling contractors, has issued shares of its no par value common stock in a private placement transaction.
“Under the terms of the placement, the company issued 6,000,000 shares of no par value common stock at $0.30 per share to a single institutional investor for gross proceeds of $1.8 million,” TX Rail Products reported Jan. 5. “As part of the transaction, the investor also has the right to purchase 4,000,000 shares of the no par common stock at a price of $0.50 per share for a period of 36 months. Both the initial investment and the warrant exercise price represent a premium to the current market price of $0.2450 per share as of the close of trading on Dec. 23, 2025.”
TX Rail Products said it plans to use the proceeds for working capital purposes.
“This additional capital strengthens our balance sheet and positions us to secure the inventory needed to meet growing customer demand,” TX Rail Products Chairman and CEO William “Buck” Shrewsbury said. “With clear visibility into our order pipeline, we can strategically build inventory and take advantage of current market opportunities. Furthermore, this transaction reflects investor confidence in our growth trajectory and long-term value creation.”
