Nothing but negotiation

The Gap Partnership

HSBC negotiating sale of train unit

Consortium in talks with HSBC over acquisition of Evershot

29 June 2010

HSBC Holdings PLC is in final price negotiation talks with a consortium of infrastructure funds over the sale of its train rolling stock unit.

Morgan Stanley's infrastructure fund, 3i Infrastructure and private equity fund Star Capital, are looking to acquire Eversholt.

The firm owns one third of Britain's rolling stock and has over 4,000 train coaches in the UK.

HSBC reportedly value the company at £2 billion, although the final offer could be lower.

One source told Reuters: "They are haggling over the price, they have to decide how much equity they put in."

CVC Capital Partners and Terra Firma Capital Partners expressed interest in a deal but failed to make an offer.

The proposed sale is the latest evidence that banks are selling off non-core assets to focus on key operations.

In June 2008, Royal Bank of Scotland sold its own train division, Angel Trains, to a consortium fronted by Babcock & Brown.

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