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Eversheds and Heisse Kursawe Eversheds advise Freightliner on takeover by Genesee & Wyoming

  • Germany

    24-02-2015

    The British freight rail operator Freightliner Group Limited is taken over by the US transport company Genesee & Wyoming Inc. Genesee & Wyoming prevailed in the bidding contest for the acquisition of the majority share in Freightliner and will – subject to the consent of the competition authorities – acquire 95% of the shares in Freightliner.

    The sellers are the private equity investor Arcapita as well as other shareholders. The purchase price amounts to approximately GBP 490 million. Genesee & Wyoming Inc. furthermore assumes GBP 8.5 million in debts and capitalised leases.

    For the time being, members of the Freightliner management team retain a minority interest of 5%. Approximately by mid-2020 Genesee & Wyoming Inc. will be the sole shareholder of Freightliner.

    During the transaction, Freightliner was advised by a team of lawyers of the international law firm Eversheds in London and Rotterdam as well as by a team of lawyers of the German Eversheds branch Heisse Kursawe Eversheds in Munich led by M&A Partner Sven Schweneke.

    The law firm had already advised Freightliner in 2013 on the acquisition of the ERS Railways Group from the Maersk Group – a transaction which significantly enhanced Freightliner's services in continental Europe.

    Freightliner advisors

    Eversheds LLP, London: Chris Halliday (Partner, M&A)
    Eversheds B.V., Rotterdam: Miriam van Ee (Partner, M&A) Heleen Brower (Associate, Corporate/Commercial)
    Heisse Kursawe Eversheds, Munich: Sven Schweneke (Partner, M&A), Dr. Christian Mense (Counsel, M&A), Dr. Manuela Rauch (Counsel, HR), Nils Müller (Associate, Commercial)

    Background

    The listed company Genesee & Wyoming Inc., USA, operates, among others, regional freight transports in the United States, Australia, Canada, the Netherlands and Belgium. Freightliner is a British rail freight company specialising in the transport of containers and bulk cargo. Freightliner is the second largest rail freight operator in Great Britain. The private equity investor Arcapita acquired Freightliner in 2008 from the private equity investors 3i, Electra Private Equity and the Freightliner management for approximately GBP 318 million.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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