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ECN Capital selling 65% of rail portfolio

ECN Capital Corp. is selling 65% of its rail portfolio to free up capital.

The company has entered agreements to sell C$1.49 billion of railcar assets to affiliates of ITE Management LP and Napier Park Global Capital (US) LP for proceeds of about C$1.44 billion.

The ITE Management deal closed Aug. 4, and the Napier Park transaction is expected to close in the third quarter.

The sale of the assets will "further position" the company to "capitalize on strategic growth opportunities" and free up about C$400 million of capital, CEO Steven Hudson said in a statement.