Morgan Stanley Infrastructure to buy leasing company stake
GERMANY: Morgan Stanley Infrastructure is to become the largest shareholder in VTG, the Hamburg-based wagon leasing and logistics company announced on October 13.
Subject to regulatory approval, Morgan Stanley Infrastructure would pay €29/share to acquire the entire 29% stake in the company which is currently held by Andreas Goer, the founder of Ahaus-Alstätter Eisenbahn which was acquired by VTG in 2015.
Morgan Stanley Infrastructure has said it currently has no intention of acquiring 30% or more of the business. Kühne Holding owns 20% of VTG, and 10% is held by the Hamburg-based Joachim Herz Stiftung.
VTG has a fleet of more than 80 000 wagons, and also offers multi-modal and tank container logistics services. It recorded revenue of €1 027·5m and EBITDA of €336·5m in 2015.
‘I am very pleased to have Morgan Stanley Infrastructure as a strong investor with broad experience in infrastructure investments’, said Dr Heiko Fischer, Chairman of the executive board of VTG.
- Deutsche Bahn has awarded VTG a framework contract for the provision of open wagons for use during infrastructure construction activities.