Freshfields Bruckhaus Deringer has advised a consortium including iCON Infrastructure Partners, Antin Infrastructure Partners and OP Trust, the ultimate owners of Porterbrook Rail Finance Limited, one of the three major rolling stock leasing companies in the UK, on an agreement to sell their indirect interests in the company to a global investment consortium.

The purchaser consortium comprises Alberta Investment Management Corporation, Allianz Capital Partners, EDF Invest and Hastings Funds Management.

Porterbrook owns a diverse portfolio of passenger and freight rolling stock and leases this stock to train and freight operating companies in the UK under long-term lease agreements. It owns and manages a modern fleet of approximately 5,900 passenger and freight vehicles and its portfolio represents approximately one third of Britain’s passenger rolling stock fleet.

The transaction is expected to complete by the end of October.

Freshfields corporate partner Claire Wills led the Freshfields team alongside corporate partner Richard Thexton and with support from corporate senior associate Alastair Lewis. Partner Helen Lethaby and senior associate May Smith provided tax advice with support from partner Alastair Chapman on antitrust, competition and trade issues. Finance advice was provided by partner Simon Hall and counsel Jason Chamberlain.