Billionaire investor Carl Icahn agreed to sell St. Charles-based American Railcar Industries for US$1.34 billion, quintupling his investment as a freight boom spurs a rebound in demand for rail equipment.
Icahn Enterprises agreed to sell the maker of tank and hopper cars on October 19, to a subsidiary of hedge fund ITE Management. The deal is valued at US$1.75 billion including debt, American Railcar announced on Monday.
“The sale demonstrates the value this company, its employees and shareholders have created,” said American Railcar CEO John O’Bryan in a statement. “We look forward to working with the ITE team to continue to improve our business and grow in the years to come.”
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