German wagon hire and logistics company VTG Aktiengesellschaft has acquired Ahaus Alstätter Eisenbahn Holding (AAE) to become the largest private wagon hire company in Europe, with a fleet of over 80,000 wagons.
Based in Baar, Switzerland, AAE employs 135 staff and generated turnover of over 200m in 2013. AAE has around 30,000 wagons, which will amalgamate with VTG’s existing 50,000 wagon fleet.
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Chief executive officer of VTG Heiko Fischer said; "Acquiring AAE represents a major strategic step forward for our company.
"This will open us up to new customer groups and allow us to continue to address the market segment with the strongest growth potential."
As part of the acquisition, AAE owner, Andreas Goer, will gain 7.4m new shares in VTG, or 26%, alongside 15m cash and a vendor loan note worth approximately 230m. On meeting certain conditions, an extra 3m will be paid. VTG said it had been informed that despite the new capital and shares, Goer does not intend to take over the company.
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By GlobalData
