Group, the UK’s largest train leasing company was sold to the
consortium advised by Babcock & Brown today.
Royal Bank of Scotland, which put Angel up for sale to help
finance last year’s acquisition of ABN-Amro, announced that it
signed a definitive agreement with the Australian infrastructure
group in a deal valued at £3.6bn.
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The deal is expected to be completed before the end of 2008, RBS
said.
Angel, which provides more than 4,500 locomotives and coaches to
freight and passenger rail operators is the leading rolling stock
lessor with a 37 per cent share of the market.
With the ongoing investigation by the competition commission of
the rail leasing market, Angel faces the possibility of being
slapped with a fine but that did not deter its suitors.
Infrastructure companies are viewed as valuable
investments under volatile market conditions.
The sale will add to the dwindling coffers of RBS. The bank was
forced to ask its shareholders for an additional £12bn in capital
after writing-off billions in sub-prime investments. RBS is also
working towards selling its insurance businesses for a reported
£7bn.
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