The two bidders are the following:
A consortium composed by Australian investor Macquarie, Canada's Borealis and Wren House Infrastructure Management, an arm of the Kuwait Investment Authority, has been priced out and is out of the race to acquire the rolling stock company.
Porterbrook refinanced its debts in April this year, raising £1.2 billion, through:
The sale is poised to create controversy over the sector due to the existence of only two competitors: Angel Trains and Eversholt. In 2009, a Competition Commission concluded that competition in the market for the leasing of rolling stock was restricted by the limited number of alternative fleets available.
Porterbrook's investment to date in the UK rail markets totals to £2 billion in new trains and over £300 million on existing fleet refurbishment.In early May we reported that the deal could fetch more than £2 billion for its shareholders.