KPELY Keppel Corp Ltd (PK)

   By Gaurav Raghuvanshi 
 

SINGAPORE--k1 Ventures Ltd. (K01.SG), a unit of drilling rig builder Keppel Corp. Ltd. (BN4.SG), said Friday that it will sell its transportation leasing business to Wells Fargo Bank for US$152 million.

Wells Fargo Bank will buy the entire 80.1% effective interest in Long Haul Holding Corp., or Helm, that k1 Ventures and its unit currently own, the company said in a statement to Singapore Exchange. The transaction is expected to be completed during the second quarter of this year, it said.

k1 Ventures had purchased the stake in Helm, a locomotive and railcar leasing company in North America, for US$472 million in July 2005.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

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