Amber Infrastructure has sold its 50% stake in Australian company Rail First Asset Management to fellow shareholder CVC DIF, two sources said.

Amber sold the holding a few months ago in a reversal of its push into mid-market infra M&A in Australia, the sources said, without disclosing the deal value.

A spokesperson for CVC DIF confirmed it had acquired the stake. He did not disclose the sale price.

DIF’s Core-Plus Infrastructure Fund III and Amber paid AUD 425m (USD 281m) to acquire Rail First from Anchorage Capital Partners in October 2022.

Rail First is a rolling stock lease and manufacturing company. It owns the country’s third-largest intermodal fleet of more than 1,300 locomotives and wagons and is the only domestic manufacturer of intermodal rail wagons.

Filings with corporate regulator ASIC show Amber Asia-Pacific CEO Dominic Harvey, and Asia Pacific head of Origination Tristan Evans ceased to be directors of the company in late July.

Amber acquired Rail First and a number of other assets, including Australian data centre company, iseek, in the past three years. The transactions were its first, apart from greenfield deals in the region.

It is now in the final stages of selling iseek, with HMC Capital and QIC the shortlisted bidders.

Amber acquired the businesses on its balance sheet and planned to move the assets into a new regional fund. It was unable to raise the money to do so during a difficult period globally for raising new funds, one of the sources said.

Amber also acquired five PPP assets in New Zealand from Morrison for NZD 200m (USD 120m) in late 2022.

A spokesperson at Amber Infrastructure did not respond to a request for comment.