Global law firm K&L Gates LLP advised VTG Aktiengesellschaft, one of Europe’s leading rail freight and logistics companies, on the purchase of all shares of CIT Rail Holdings (Europe) SAS and its related Nacco Group from CIT Group Inc. The Nacco Group has a fleet of around 14,000 rail freight cars with major markets in France, Germany, Austria, and Eastern Europe.
The purchase price amounts to approximately €780 million plus additional investments into further freight cars made by the Nacco Group between January 1, 2017, and the completion of the transaction. VTG plans to finance the acquisition through a senior loan and a privately placed hybrid bond. The transaction is subject to the approval of antitrust authorities.
Berlin-based corporate partner Dr. Thomas Lappe led the transaction in close collaboration with corporate partners Howard Kleiman in London and Jean-Patrice Labautière in Paris. They were supported by partners Nicolas Roggel (Berlin, labor law), Christine Artus (Paris, labor law), Tom Wallace (London, M&A), Giles Bavister (London, tax), Claude-Etienne Armingaud (Paris, IT/data privacy), Dr. Bastian Bongertz (Frankfurt, Finance), Bertrand Dussert (Paris, tax), and Mounir Letayf (Paris, finance), counsel Adeline Roboam (Paris, finance), and as well as senior associates Andreas Menge (Berlin), Caroline Urban (London), and Arthur Anton (Paris).
Source: K&L Gates Website