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VTG to acquire CIT Rail Holdings and Nacco

GERMAN leasing company VTG has signed an agreement to acquire CIT Rail Holdings, based in Paris, and its associated Nacco Group, which is a European wagon rental company.

The acquisition will increase VTG’s fleet of wagons from 80,000 to over 94,000, and revenue growth of €120m is expected from 2018 as well as a €100m improvement in Ebitda.

The transaction is expected to be completed in the fourth quarter of 2017, and is being financed through a senior loan of up to €500m and a privately placed hybrid bond worth approximately €300m. The total purchase price is estimated to be €780m as well as all investments made by Nacco from the start of year until the closing date, which is estimated to be an additional €140m.

The deal will be completed subject to closing conditions and approvals, particularly from antitrust authorities.

railjournal.com