HUTH DIETRICH HAHN, Germany, and MOLITOR, Luxembourg, jointly represent Aves One AG in a railway waggon transaction doubling Aves‘ assets to EUR 500 Million
JOINT REPRESENTATION of Aves One AG by HUTH DIETRICH HAHN, Hamburg, Germany, and MOLITOR Avocats à la Cour, Luxembourg, in the acquisition of 4,400 railway fright cars, doubling Aves’ freight car portfolio from EUR 240 million to over EUR 500 million.
HUTH DIETRICH HAHN`s client Aves One AG, an investor in logistics assets, signed in August 2018 a purchase agreement for the acquisition of approximately 30% of NACCO Group’s freight car fleet, up to now Europe’s fourth largest private freight car rental company. The acquisition has been closed in October 2018.
On July 1, 2017, VTG Aktiengesellschaft, a publicly traded German stock corporation located in Hamburg, first announced its intention to acquire all shares in Paris-based CIT Rail Holdings (Europe) SAS, the owner of the Nacco Group, off the American CIT Group. The relevant antitrust authorities approved the acquisition at the end of March 2018, subject to the condition that approximately 30% of the freight car stock be sold to a third party. On October 1, 2018, a bidding consortium comprising railcar leasing firm Wascosa AG, Lucerne, Switzerland, and publicly traded Aves One AG, Hamburg, Germany, purchased those parts of the Nacco Group that needed to be sold to comply with conditions imposed by the German and Austrian antitrust authorities.
Thereby Aves One AG has doubled its own fleet to about 8,700 freight cars and rail tankers. At an average age of about 16 years, the fleet is very young by industry standards. Once the transaction is concluded, Wascosa, which is one of the tenth largest freight car rental companies in Europe, will take over the management of approximately 4,400 newly acquired freight cars and rail tankers and integrate them in their fleet.
HUTH DIETRICH HAHN’s M&A team was led by Sebastian Kühl and Oliver Förster. MOLITOR’S Chan Park and Tim Mangold represented Aves One AG with regard to Luxembourg law subject matters.
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