GIP, Abu Dhabi Fund ADIA Agree to Buy $7.4 Billion Railcar Lessor VTG - Bloomberg
A consortium including Global Infrastructure Partners agreed to buy control of VTG AG in a deal valuing the German railcar lessor at about 7 billion euros ($7.4 billion) including debt.
GIP is partnering with sovereign wealth fund Abu Dhabi Investment Authority on the purchase, according to a statement Wednesday, which confirmed an earlier Bloomberg News report. They will acquire a nearly 73% holding in the Hamburg-based company from investors including Morgan Stanley Infrastructure Partners.
VTG owns more than 88,500 railcars, a portfolio that ranks as the largest privately owned fleet in Europe, according to Wednesday’s statement. Morgan Stanley Infrastructure bought VTG through a 2018 takeover bid valuing the company at about 1.5 billion euros.
GIP and ADIA beat out rival investment firms vying for VTG, people with knowledge of the matter said earlier. Late German entrepreneur Joachim Herz’s private foundation is selling its interest in VTG through the deal. Another investor in VTG, Canadian pension fund Omers, will keep its holding after the transaction, according to the statement.
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