Acquisition completed: VTG AG takes over AAE

VTG Aktiengesellschaft (Hamburg) strengthens its position as the largest private wagon hire company in the Europe region

VTG Aktiengesellschaft, one of the leading wagon hire and logistics companies in Europe, has successfully acquired the wagon hire company Ahaus Alstätter Eisenbahn Holding AG (AAE). Following the approval of all anti-trust authorities concerned – Germany, Austria, Poland and Russia – the merger has been finalized and came into full effect in Hamburg today. VTG has acquired all AAE shares.

VTG has expanded its fleet to a total of more than 80,000 wagons: around 30,000 AAE wagons will be added to the existing VTG fleet of over 50,000. Shipping, railway and rail logistics companies will now be able to benefit from a full range of VTG wagon types, comprising tank wagons, intermodal wagons, standard freight wagons and sliding wall wagons, with a comprehensive spectrum of corresponding services. The average age of the AAE wagons is around 15 years which is significantly lower than the 23-year average of the VTG fleet. The age profile of the entire fleet therefore decreases to an average of 20 years.

As previously announced in September 2014, pursuant to the transaction, VTG Aktiengesellschaft has issued approximately 7.4 million new shares. This thereby increases the company’s capital to EUR 28.8 million, representing a 34 percent increase. The seller, Andreas Goer, will acquire these shares as part of the agreed contractual consideration and, in doing so, will become the second largest individual VTG shareholder after Compagnie Européenne de Wagons S.à r.l. which is managed by Wilbur Ross.

The considerably larger fleet and a current balance sheet total of around EUR 3 billion poses higher demands for balanced and efficient external financing. VTG, therefore, intends to expand its Executive Board by welcoming financial expert Mark Stevenson. A corresponding resolution from the Supervisory Board is expected in January 2015. Mr. Stevenson has been a member of the AAE Executive Board for finance (CFO) since 1994 and has made a decisive contribution to growing the company. In addition, he assumed the position of Chief Executive Officer (CEO) for the first time in 2006, and again in 2014.

www.vtg.de    www.aae.ch