PwC Corporate Finance advises SMBC Leasing (UK) Limited on the sale of its UK rolling stock portfolio

The PwC Corporate Finance team is pleased to announce it has advised SMBC Leasing (UK) Limited (“SMBC Leasing”) on the successful divestment of a 50% stake in a portfolio of seven UK passenger rolling stock fleets, totalling 1,507 vehicles, to Angel Trains Group Limited (“Angel Trains”) another ROSCO in the UK market.

The portfolio is a uniquely diverse fleet of passenger trains, made up of 342 units and 1,507 vehicles, serving all corners of the UK, including Wales, Scotland and the London region. This portfolio of modern state-of-the-art rolling stock fleets has brought about a step-change in passenger journeys whilst also bringing value to the public sector.

With strong ESG credentials, the portfolio strongly supports national, regional and local integrated transport strategies and will continue to encourage modal shift from road to rail in support of the UK’s Net-Zero 2050 agenda.

SMBC Leasing is a major lessor of passenger rolling stock in the UK which owns a fleet of modern regional and commuter passenger multiple units providing critical connectivity across the UK. SMBC Leasing is a subsidiary of the Japanese banking group Sumitomo Mitsui Banking Corporation which owns a substantial global portfolio and has a strong presence in the transportation sector including rolling stock and aviation leasing.

Angel Trains is one of Britain’s largest passenger rolling stock asset managers with a fleet of more than 4,000 rail vehicles. With considerable technical and maintenance expertise and a ‘cradle-to-grave' approach, Angel Train’s investment in the portfolio provides a complementary partner to SMBC Leasing.

PwC Corporate Finance acted as sell-side financial adviser to SMBC Leasing. The PwC team advising on the deal included Conrad Williams, Nitin Premchandani, James Gibbons, Nithya Maghizhmaran, Shirley Foo and Aidan Brown.

PwC Tax acted as sell-side tax advisor and provided sell-side structuring and due diligence. The PwC team advising included Michael Staunton and Simon Munro.