Private equity firms Warburg Pincus and TPG Capital have placed a joint bid for the railcar leasing business of General Electric (GE), Reuters reports. The GE business, which has about $3 billion of assets, also received bids from Cerberus Capital Management and Apollo Management.

GE appointed Morgan Stanley, earlier this year, to find a buyer for the railcar leasing business. The firm is also selling its container leasing business, GE SeaCo, with Deutsche Bank advising on that process.

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