Perella Weinberg Enters into Agreement to Sell Flagship Rail Services to Sumitomo Mitsui Banking Corp. for $1.1 Billion

Kramer Levin represented Perella Weinberg Partners Asset Based Value Strategy in its agreement to sell Flagship Rail Services, its Chicago-based rail car leasing business, to Sumitomo Mitsui Banking Corporation. The deal is valued at $1.1 billion. Flagship Rail Services, the ninth-largest lessor in North America by number of rail cars, has a fleet of 15,000 rail cars used to transport commodities and consumer goods. Subject to regulatory approvals and customary closing conditions, the transaction is expected to close by the end of the year. The Kramer Levin team that worked on the deal was led by Corporate partner James J. Moriarty, and includes Corporate associates Michael J. Andrescavage, Scott A. Abramowitz, Matthew Melville and Yael Steiner; Tax partner Russell J. Pinilis; Corporate Partner Abbe L. Dienstag; Intellectual Property partner Erica D. Klein; and Employee Benefits special counsel Avram J. Cahn. The Am Law Daily reported on the deal.