Morgan Stanley Infrastructure Partners and Joachim Herz Stiftung agree to sell majority stake in VTG Aktiengesellschaft to a consortium of GIP and ADIA

Morgan Stanley Infrastructure Partners (MSIP) and Joachim Herz Stiftung (JHS) announce that Deodoro Holding B.V., which is part of MSIP, and JHS have together reached an agreement to sell their interest in VTG Aktiengesellschaft (VTG) to a consortium of funds managed by Global Infrastructure Partners (GIP) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

The agreement provides for the sale of a 72.5% majority stake in VTG, comprised of an indirect stake held by Deodoro Holding B.V. (57.5%) and a direct stake (15.0%) held by JHS. OMERS will retain its 27.5% indirect stake in the company. The transaction values VTG at an Enterprise Value of approximately EUR 7 billion.

Headquartered in Hamburg, Germany, VTG is a leading international asset owner and rail logistics company with currently around 88,500 railcars, the biggest privately owned fleet in Europe. The company’s fleet includes mostly tank wagons, intermodal wagons, standard freight wagons and sliding-wall wagons as well as about 5,000 tank containers. Besides hiring out rail freight wagons and tank containers, it also provides multimodal logistical services and integrated digital solutions.

“MSIP had identified VTG early on as a remarkably resilient transport asset with a stable track-record and viewed it as having strong growth potential. Through multiple transformational measures and consistent portfolio alignment, MSIP believes it has prepared the company for the next stage of its growth story,” said Christoph Oppenauer, Managing Director at MSIP.

”We are pleased about the successful completion of the joint sale process. Since we first acquired a stake in VTG in 2016, our investment has developed very positively. I would like to thank everyone involved for the good cooperation”, said Ulrich Müller, Executive Board Member at JHS.

Completion of the transaction is subject to customary closing conditions. Goldman Sachs and Crédit Agricole Corporate & Investment Bank acted as financial advisors, while Sullivan & Cromwell and White & Case acted as legal advisors to MSIP. Lazard acted as financial advisor and Flick Gocke Schaumburg acted as legal advisor to JHS.


About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with over $16 billion in assets under management (AUM).1 Founded in 2006, MSIP has invested in a diverse portfolio of over 30 investments across transport, digital infrastructure, energy transition and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management. For further information about Morgan Stanley Infrastructure Partners, please visit www.morganstanley.com/im/infrastructurepartners

About Joachim Herz Stiftung
The Joachim Herz Foundation in Hamburg, Germany, promotes education, science, and research in economics and the natural sciences as well as the personal development of teens and young adults. In these areas the foundation also funds small, innovative third-party projects. Additional funding is granted to support research projects in the fields of medicine, law and engineering technology as well as projects promoting the exchange between Germany and the United States. The Joachim Herz Foundation was founded in 2008 after the death of German entrepreneur Joachim Herz. It is one of the largest private foundations in Germany. The foundation’s assets are mainly entrepreneurially invested. For further information please visit http://www.joachim-herz-stiftung.de.


The official press release by Abu Dhabi Investment Authority is available here

 


1 AUM reflects assets managed by MSIP platform since inception.
 

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