In the largest German private equity deal to date this year, Global Infrastructure Partners and Abu Dhabi Investment Authority have agreed to purchase a 72.5 percent stake in European railcar lessor VTG Aktiengesellschaft from Morgan Stanley Infrastructure Partners (“MSIP”) and Joachim Herz Stiftung. The transaction values VTG at approximately €7 billion.
VTG is a wagon hire and rail logistics company that has the largest privately owned fleet of railcars in Europe. It operates on an international scale and is known for its expertise in the safe transportation of liquids and hazardous goods. S&C previously advised MSIP on the public takeover of VTG in 2018, a delisting in 2019, and on a restructuring, including a squeeze-out of all minority shareholders followed by an ongoing appraisal proceeding.
S&C advised MSIP on all M&A, antitrust and financing aspects of the transaction. The Frankfurt-based team included York Schnorbus, Max Birke, Miriam Peter, Michael Haase, Daniel Roggenkemper, Manon Grimm and Jannis Rink. Juan Rodriguez and Fabian Uebele, based in London, advised on antitrust matters.
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