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A Class 163 Bo-Bo DC Locomotive by Skoda.
Slovak rail freight operator ZSSK privatises its rolling stock fleet
Published: Thu, 2015-03-12 15:00-
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New rolling stock lease deal
Slovakia’s state-run rail freight operator ZSSK Cargo has sold 12,000 rail cars to the newly-established Cargo Wagon a.s. consortium in a bid to privatise its rolling stock fleet. The joint venture consists of Germany’s VTG, with a 33% stake, ZSSK Cargo, with 34% of the shares, and a group of investors, holding an aggregate 33% stake in the consortium.
“The parties are jointly investing a total of €7 million in the equity of the company. Cargo Wagon a.s. will receive additional funding from an international banking syndicate,” VTG said in a statement.
The deal will be implemented after the parties secure approval from relevant antitrust authorities.
"We are delighted that our freight wagon management expertise can help ZSSK Cargo take a major step forward with respect to their competitive ability and capital efficiency," said Heiko Fischer, the chief executive of VTG. "This is the first sale-and-leaseback transaction of any state railway wagon fleet in Europe. It could be the prelude to a fundamental redefinition of the investment and risk partnership between wagon hire companies and railway undertakings which dates back several decades."
Headquartered in Hamburg, Germany, VTG says it is one of Europe's leading wagon hire and rail logistics companies, with a fleet consisting of more than 80,000 rail cars in the European, Russian and North American markets. Last year, the group posted revenues of some €818.3 million, an increase of 4.4% compared with a year earlier.
Based in the country’s capital Bratislava, ZSSK Cargo is a rail freight subsidiary of Slovakia’s state-run railways company Železničná spoločnosť Slovensko (ZSSK). The company is operated by a workforce of over 5,700, according to data from ZSSK.
Av Jaroslaw Adamowski
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