American Industrial Transport, Inc. has agreed to acquire SMBC Rail Services LLC from SMBC Americas Holdings, Inc. on November 7, 2023. Following the closing of the acquisition, it is expected that the SMBC RS railcars and certain other assets of SMBC RS will be transferred to American Industrial Transport, Inc. The transaction will add over 50,000 additional railcars to AITX?s fleet, along with an experienced team and longstanding customer relationships. The transaction is subject to customary conditions to closing, including receipt of regulatory approvals., JPMorgan Chase & Co. acted as Financial advisor to American Industrial Transport, Inc. Sven G Mickisch, Tim J Gaffney, Seth E Jacobson, Steven J Matays, Matthew H Nemeroff, Joseph M Penko, Kenneth B Schwartz and Annie Villanueva Jeffers of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Sumitomo Mitsui Banking Corporation. Deutsche Bank Securities Inc. served as lead financial advisor, Citi served as senior financial advisor, JP Morgan, Goldman Sachs and RBC Capital Markets LLC also provided advisory services to ITE Management. The acquisition financing is led by Bank of America as administrative agent and supported by a group of arrangers and lenders including Bank of America, Deutsche Bank, Goldman Sachs, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, and Citi. Willkie Farr & Gallagher LLP and Vedder Price LLP served as legal advisors to ITE Management.

American Industrial Transport, Inc. completed the acquisition of SMBC Rail Services LLC from SMBC Americas Holdings, Inc. on December 14, 2023.