Terra Firma agrees to sell 50 pct of Tank & Rast to RREEF UPDATE |
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Wed, 27 Jun 2007 12:25
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(updating to add report on purchase price)LONDON (Thomson Financial) - London-based buyout firm Terra Firma has agreed to sell a 50 pct stake in German motorway service operator Tank & Rast to RREEF, the US-based infrastructure investment arm of Deutsche Bank AG.The companies did not disclose any financial details but according to German daily Handelsblatt, citing industry sources, RREEF paid more than 1.2 bln eur for the acquisition.'Together we are committed to investing around 400 mln eur over the next 5 years to further develop this business,' said Terra Firma's chief executive Guy Hands, commenting on the sale.Since Terra Firma acquired Tank & Rast in 2004, over 100 mln eur has been invested in its service operations.Citigroup Global Markets Limited acted as financial adviser to Terra Firma and UBS Investment Bank acted as financial adviser to RREEF Infrastructure for the transaction.Terra Firma previously acquired Tank & Rast for an estimated 1.1 bln eur from a consortium including private equity outfits Allianz Capital Partners and Apax Partners, as well as the airline Deutsche Lufthansa and its catering branch LSG.The consortium acquired the firm for 600 mln eur when it was privatised in 1998.Alexander.Wessendorff@thomson.comaw/dca/jcs/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Terra Firma agrees to sell 50 pct of Tank & Rast to RREEF 