VTG Aktiengesellschaft announced reached a significant milestone in its takeover of Nacco by signing the purchase agreements with a consortium of bidders consisting of the railcar lessor Wascosa AG, Luzern (Switzerland). Wascosa will be taking over the operational business, including the workforce and the railcar leasing agreements, and listed Aves One AG, Hamburg, which, as an investor, is purchasing the railcars.
The competition authorities have confirmed the consortium’s eligibility as a purchaser for antitrust purposes.
Initially, the German Federal Cartel Office and the Austrian Antitrust Court had approved the purchase of Nacco in spring 2018 on the condition that around 30 percent of the Nacco business was first to be sold to a third party that is eligible from an antitrust perspective. In the past few months, this part of the Nacco business, comprising the German and Luxembourg Nacco subsidiaries, as well as the related leases and the ownership of about 4,400 railcars, was offered to a large number of prospective purchasers.
“With the sale of a part of the Nacco business to the consortium of bidders consisting of Wascosa and Aves One, we have moved considerably closer to finalising the takeover of the Nacco Group, albeit in a reduced volume,” Heiko Fischer, CEO of VTG said.
On July 2017, VTG had announced that it would be taking over CIT Rail Holdings (Europe) SAS and, with it, the associated Nacco Group, a medium-sized private rental company for railcars in Europe.