GATX entered into an agreement to acquire a fleet of up to 3,100 railcars from ECN Capital. The purchase price is up to $229 million.

Robert C. Lyons, executive vice president and president, Rail North America said, “This transaction furthers our growth strategy of acquiring high quality railcars at an attractive cost.”

The fleet consists predominantly of freight cars with an average age of seven years. The closing of this acquisition is expected to occur on November 30, 2018 or as soon as practicable thereafter, subject to standard closing conditions including receipt of any required regulatory approvals.