Consortium becomes third-biggest UK rolling stock leasing company


first_img Share KCS-content Consortium becomes third-biggest UK rolling stock leasing company A CONSORTIUM made up of investment bank Morgan Stanley and private equity houses 3i Infrastructure and Star Capital has bought HSBC’s train rolling stock unit, Eversholt Rail Group, for £2.1bn. The deal took five months of talks before it came to fruition. The new consortium, which is named Eversholt Investment Group, immediately becomes one of the three biggest rolling stock companies in the country, owning about 29 cent of the total current British rail fleet with 19 fleets of rolling stock that are designed and built for the UK rail network. It will lease its fleets to seven train operating companies.HSBC is the last UK high-street bank to dispose of its train-leasing business, after both RBS and Santander off-loaded theirs in 2008.“We are delighted to be acquiring Eversholt,” said Neil King, partner in the infrastructure team at 3i Investments PLC, which manages 3i Infrastructure.“Its strong market share, well-diversified customer base and high quality cash flows from leases contracted over the medium to long term make this an attractive asset with strong infrastructure characteristics.”The three members of the new group will each pay £176m of equity with the remainder of the money being financed with debt. Eversholt Investment Group said that the steady cash stream that the rolling stock will produce will be sufficient to service the interest. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Show Comments ▼ whatsapp Tags: NULL Thursday 4 November 2010 10:18 pmlast_img

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