3i and Allianz Capital Partners are reported to have selected advisors for the sale of Baltic-focused ferry group Scandlines, in a sale that could fetch about €1.4bn.
Goldman Sachs and ING will advise and finance a potential sale, Bloomberg reported on Tuesday, citing unnamed sources.
3i and Allianz – which each own 50 per cent stakes in the business – paid €1.5bn for Scandlines in 2007 alongside minority investor Deutsche Seerederei.
The two private equity firms bought Deutsche Seerederei’s stake in 2010.
Scandlines, which focuses on the major passenger routes between Germany, Denmark and Sweden, posted revenues of €611m last year – a rise of eight per cent, and EBITDA of €167m.
The report added that a major long-term risk for the company is government plans to build a tunnel linking Denmark and Germany, which could reduce the need for ferry use.
The two countries plan to start building what will become the world’s longest combined road and rail tunnel beneath the Fehmarn Belt strait in 2015 and aim to open it by 2021, according to the tunnel’s website.
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