3i to take over Scandlines from Allianz

Kim Richters
12 September 2013

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3i has entered exclusive talks to take over ferry operator Scandlines from fellow co-owner Allianz Capital Partners (ACP).

ACP and 3i currently each own 50% of Danish-German firm Scandlines. The deal would reportedly value the business at more than €1.3bn, which is the offer believed to have been made for the asset by rival private equity house TPG.

Both GPs have considered a variety of options to sell Scandlines over the last six months, with private equity firms TPG, Star Capital and Norwegian ferry operator Det Stavangerske Dampskibsselskab said to have placed offers.

In April this year, Goldman Sachs and ING were reported to have arranged a debt package of nearly €1bn for potential buyers.

3i and ACP have been looking to sell Scandlines since October 2012, when unquote" first reported on the possible sale.

The two private equity firms initially acquired the German-Danish company for €1.56bn in June 2007, announcing plans to list the ferry operator in the future. Both firms originally bought a 40% share in the firm while German ferry operator Deutsche Seereederei took 20%. In 2010, 3i and ACP bought Deutsche Seereederei's share, securing a 50% stake each.

The co-owners stated they were still working towards a refinancing of Scandlines' debt. The GPs are reportedly close to securing a €1bn refinancing package.

Company
Scandlines was founded in 1998 and is headquartered in Rostock. The group is the result of a merger between Danish and German ferry operators Scandlines and DFO.

In 2012, Scandlines serviced 11.7 million passengers on its routes from Puttgarden to Rødby, Rostock to Gedser and Helsingør to Helsingborg.

People
Peter Wirtz is a partner at 3i and managing director of 3i Germany. Jörg Spanier is managing director at Allianz. Jan Stenberg was appointed new chairman of the board of Scandlines in the original takeover.