Icahn to Sell Rail Lessor to Sumitomo in $2.8 Billion Deal

Icahn Enterprises, the investment firm controlled by billionaire Carl Icahn, agreed to sell American Railcar Leasing to Sumitomo Mitsui Banking Corp. in a deal that values the business at $2.78 billion including debt. The cash transaction involves 29,000 rail cars and is expected to close in the second quarter of 2017, Icahn Enterprises said in a statement Monday.