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Icahn-backed American Railcar to sell itself in $1.75 billion deal

Reuters

(Reuters) - American Railcar Industries Inc <ARII.O>, majority-owned by billionaire investor Carl Icahn, is selling itself to ITE Rail Fund in a $1.75 billion deal including debt, the company said on Monday.

Icahn Enterprises said the sale generated a total return of 423 percent for a profit of about $757 million since it first bought a majority stake in the railcar maker in 2010.

The $70 per share offer represents a 51 percent premium to American Railcar's last closing price on Friday.

Excluding debt, the deal is valued at $1.34 billion.

Icahn owned a 62.21 percent stake in the railcar maker as of June 30, according to Refinitiv data.

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ITE Rail Fund LP is managed by investment firm ITE Management LP, with interests in industrial and transportation assets.

(Reporting by Sanjana Shivdas and Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)