Financial services company Allco Finance Group has sold its European rail business to US-based BTMU Capital Corporation (BTMUCC) for US$112m.
Allco's rail business comprises 27 Class 66 and Traxx locomotives, currently in service in the UK.
The remaining 24 trains are scheduled for staged deliveries through to the end of this year, says the company.
Following the sale Allco will concentrate on its US rail business that represents over 50 percent of its assets under management, the company says in a statement.
"This purchase is part of our strategic decision to pursue operating lease opportunities in the European rail market," says BTMUCC Executive Vice-President Theodore J Gaffney.
By Ozge Ibrahim
