Ad-hoc News – 13 August 2018 – 18:37 CET/CEST

Aves One acquires about 4,400 freight cars from NACCO/CIT

Aves One AG, an investor in logistics assets, has signed a purchase agreement for the acquisition of approximately 30% of NACCO Group's freight car fleet. The acquisition is expected to be concluded, under the fulfilment of several conditions, in the second half of 2018.

In March 2018, the competent competition authority approved the acquisition by VTG AG of CIT Rail Holdings (Europe) SAS, owner of the NACCO Group, on condition that approximately 30% of the freight car stock be sold to a third party. With today´s signing of the contracts by Aves One and Wascosa a major step to comply with the competition authorities’ conditions has been made. Swiss company Wascosa will take over the management of approximately 4,400 newly acquired freight cars and rail tankers and integrate them in their fleet.

With the acquisition of the NACCO portfolio, Aves One will more than double the asset volumes of its own freight car portfolio from about EUR 240 million to over EUR 500 million. The new freight car portfolio will help significantly improve Aves One’s financial data. In the first full year after closing of the transaction, the expected yearly sales contribution will be about EUR 37 million and the expected yearly EBITDA contribution will be about EUR 28 million. The purchase price of the transaction will be carried out without any capital increase.