Scandlines sold for $2 billion
The protracted sale of Baltic Sea roll-on/roll-off operator Scandlines looks to be over after German state-owned rail and logistics giant Deutsche Bahn and the Danish Ministry of Transport and Energy agreed to sell their shares to a consortium of private equity firms and a German ship owner for DKr11 billion ($1.98 billion).
Under the agreement, which is still subject to approval by the Finance Committee in the Danish parliament and antitrust authorities, Allianz Capital Partners and 3i will both hold 40 percent of Scandlines’ shares while Deutsche Seereederei will hold 20 percent.
Scandlines employs about 2,900 people and in 2006 transported 374,321 trucks and trailers on its 12 services in the triangle between Germany, Denmark and Sweden, as well as to the Baltic States. Last year, the company posted an after tax profit of 103 million euros ($138 million) — up 47 percent over 2005 — on sales of 547 million euros ($730 million).
The consortium has agreed not to lay off any employees until Dec. 31, 2010, and will appoint Jan Stenberg, a former chief executive of SAS and supervisory board member of Lufthansa, to become chairman of Scandlines’ supervisory board.
The new owners said they intend to seek a listing of Scandlines on the stock exchange and that at the time of any initial public offering, DSR will have the opportunity to take over the industrial leadership of the company.
Scandlines sold for $2 billion
