GATX Sells Aircraft-Lease Business

GATX (GMT Quote) has agreed to sell the majority of its aircraft leasing business, the assets of which represent $1.5 billion in net book value.

A consortium of investors that includes Macquarie Bank and funds affiliated with Och Ziff Capital Management will acquire GATX's wholly owned aircraft and will seek to acquire assets within the aircraft leasing joint ventures managed by GATX. The deal is expected to close by year-end.

GATX expects the sale to result in an after-tax charge of $50 million to $70 million in the third quarter but eventual cash proceeds of $500 million. ...