General Electric announced it has reached separate agreements to sell its tank car fleet assets and railcar repair facilities to Marmon Holdings, a Berkshire Hathaway company, and its remaining railcar leasing business, General Electric Railcar Services to Wells Fargo. Terms of the transactions are not being disclosed.

“These transactions are another example of the value generated by GE Capital’s strong businesses and exceptional teams as we continue to demonstrate speed and execute on our strategy to sell most of the assets of GE Capital,” said Keith Sherin, GE Capital chairman and CEO. “We expect to be substantially done with our exit strategy by the end of 2016,” he added.

GE Railcar Services leases a broad range of railcars as well as locomotives to shippers and railroads across North America.

“We’re pleased to sell our railcar business and, separately, our tank car fleet and railcar repair shops, to buyers that are long-term players in the industry committed to expanding the businesses,” said Sherin.

As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets. GE and its Board of Directors have determined that market conditions are favorable to pursue disposition of these assets. GE Capital will retain the financing “verticals” that relate to GE’s industrial businesses.

The sale of the tank car assets is effective immediately and closed today (September 30, 2015). The sale of the railcar repair facilities is expected to close in the fourth quarter of 2015. The sale of the remaining railcar leasing business is subject to customary regulatory and other approvals and is expected to close by the end of the first quarter of 2016.

When completed, the Rail transactions, which represent about $4.0 billion of ending net investment, will contribute approximately $1.3 billion of capital to the overall target of approximately $35 billion of dividends expected to GE under this plan (subject to regulatory approval).

Deutsche Bank Securities provided financial advice to GE and Weil, Gotshal & Manges provided legal advice.

On September 30, 2015, Mubadala GE Capital Ltd, a joint venture between GE Capital and Mubadala Development Company, announced the sale of substantially all of its assets ($3.6 billion of assets; $1.5 billion of GE Capital ending net investment) to MidCap Finco (MidCap).

Additionally, today GE completed the previously announced sale of its Mexican, Australian, and New Zealand fleet businesses, representing aggregate ending net investment (ENI) of approximately $1.7 billion, to Element Financial. Element acquired GE’s U.S. fleet services business in August.