GERMANY - AXA to buy Pfleiderer Track Systems

Guy
14 March 2006

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AXA Private Equity has signed a contract with Pfleiderer AG for the acquisition of Pfleiderer Track Systems. The acquisition is subject to approval by the German anti-trust authority. A previous exclusivity agreement entered into with Vossloh AG, Werdohl was rescinded at the end of 2005, following a delay in the approval procedure due to misgivings by the German anti-trust authority.

Pfleiderer Track Systems, with sales close to EUR 150m, is a prominent player in the rail track industry to which it provides sleepers in ballast and ballastless applications. Thanks to its high level of expertise, it can provide sleeper solutions to world class infrastructure projects, like high speed lines projects in Taïwan and in The Netherlands. With seven plants in Germany, Hungary, Romania and Spain, Pfleiderer Track Systems holds strong positions on some key European markets and will pursue its strategy of expanding in fast growing markets.

Dr Helmut Pitsch and Frédéric Collard of AXA Private Equity said 'We are very pleased to have the opportunity of acquiring such a successful company and support an experienced management team in its strategy to expand internally or through acquisition in promising markets.'

Advisers to AXA Private Equity included: Deloitte & Touche - Financial (E. Sachsalber, C. Juengst); Skadden, Arps, Slate, Meagher & Flom LLP - Legal (W. Henle, S. Koch, C. Boehm); Milbank Tweed, Hadley & McCloy LLP - Financing contracts (C. Ungeheuer, J. Wilms); Ernst & Young - Tax (M. Kunz, D. Windsheimer); Roland Berger - Market (A. Schwilling, R. Bernhard) Marsh - Insurance (U. Heuser, F. Petersen) SYNCAP Management - M&A (A. Schander) Dresdner Bank AG - Financing ( T. Dorbert, T. Krause, D. Judenhahn); Linklaters - Finaincg legal (E. Reudelhuber, J. Zaich).