Germany’s Federal Cartel Office has today approved VTG Aktiengesellschaft’s acquisition of the Nacco Group subject to compliance with certain conditions. A corresponding decision of the Austrian antitrust court is expected before the Easter holidays.
One of Europe’s leading wagon hire and rail logistics companies, VTG announced plans to acquire all shares in CIT Rail Holdings (Europe) SAS on 1st July 2017. CIT Rail Holdings (Europe) SAS owns the Nacco Group, a railcar leasing company with pan-European activities and a fleet of around 14,000 freight cars.
A press release said, “The conditional approval granted by Germany’s Federal Cartel Office aligns with VTG’s offer to sell about 30% of the Nacco business it will acquire to third parties in advance of the deal. The Executive Board of VTG AG now expects its acquisition of the remaining roughly 70 percent (around 10,000 freight cars) to be completed in the second half of 2018.