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CIT Announces Agreement to Sell its European Rail Business

NEW YORK, June 30, 2017 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that it reached a definitive agreement to sell NACCO, the European rail leasing business, to German-based VTG Aktiengesellschaft (VTG) for a purchase price of EUR 780 million, or $890 million USD based on current exchange rates, plus all investments in freight cars between Jan. 1, 2017 and the closing date, which could be up to EUR 140 million or $160 million USD. The agreement includes the operations and assets of the Paris-based subsidiary, which includes approximately 14,000 rail freight cars. The transaction is expected to close in the fourth quarter of 2017 following...