DGAP-News: Austrian Antitrust Court approves takeover of Nacco by VTG subject to conditions
DGAP-News: VTG Aktiengesellschaft / Key word(s): Miscellaneous
Austrian Antitrust Court approves takeover of Nacco by VTG subject to conditions
Hamburg, April 3, 2018. The Austrian Antitrust Court today approved the acquisition of the Nacco Group by VTG, subject to the fulfillment of conditions. After the German Federal Cartel Office announced its approval last week, the transaction has now been approved by all relevant parties.
On July 1, 2017, VTG Aktiengesellschaft ("VTG AG") announced plans to acquire all shares in CIT Rail Holdings (Europe) SAS. CIT Rail Holdings (Europe) SAS owns the Nacco Group, a railcar leasing company with pan-European activities and a fleet of around 14,000 freight cars. The conditional approval granted by Germany's Federal Cartel Office and the Austrian Antitrust Court aligns with VTG's offer to sell about 30 percent of the Nacco business it will acquire to third parties in advance of the deal. Following completion of this transaction, VTG plans to take over the remaining approximately 10,000 freight cars of different segments. Dr. Heiko Fischer, Chief Executive Officer: "We are very pleased that we have reached a constructive agreement with the relevant antitrust authorities and we expect to complete the transaction during the second half of 2018."
VTG Aktiengesellschaft is one of Europe's leading railcar leasing and rail logistics companies, with a fleet of more than 80,000 railcars. VTG is a full-service provider, supplying tank cars, standard freight cars, intermodal cars and sliding-wall railcars. Beyond its leasing activities, the Group delivers a comprehensive portfolio of multimodal logistics service focused primarily on rail freight and global tank container transportation.
With the combination of its three interlinked divisions Railcar, Rail Logistics and Tank Container Logistics, VTG offers its customers a high-performance platform for international transport of their freight. The Group has many years of experience and specific expertise, in particular in the transport of liquid and sensitive goods. Its customers include numerous well-known companies from almost every industrial sector, for example the chemical, petroleum, automotive, paper and agricultural industries.
In the financial year 2017, VTG generated revenue of EUR 1,014 million and operating profit (EBITDA) of EUR 343 million. Via its subsidiaries and affiliates the company, which has its head office in Hamburg, is mainly present in Europe, North America, Russia and Asia. As at 31 December 2017, VTG had 1,500 employees worldwide. VTG AG is listed on the official Prime Standard market of the Frankfurt Stock Exchange and also on the SDAX (WKN: VTG999).
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