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3i bids for remaining stake in Scandlines

12 Sep 2013

scandlines3i has reportedly made an offer to buy out Nordic ferry operator Scandlines after the UK investment firm and co-owner Allianz Capital Partners failed to find a buyer for the business.

The firm’s bid for the 50 per cent it does not already own values Scandlines at more than the €1.3bn TPG offered for the whole company, said Reuters, citing a source familiar with the transaction.

Earlier this week it was reported that Scandlines would refinance about €1bn of loans in the next few weeks. Lenders including Danske Bank, Deutsche Bank, Goldman Sachs, ING and JP Morgan offered senior leveraged loans to replace current debt set to expire in 2015 and 2016.

AltAssets revealed in July that 3i and Allianz were considering putting a sale process for the business on hold after failing to fund a suitor willing to match their €1.4bn asking price.

Back in April it was reported that bankers were preparing debt packages of nearly €1bn for the potential sale of Scandlines in a process managed by Goldman Sachs and ING.

At least three private equity firms, Apollo, AXA Private Equity and Nordic Capital, were believed to be interested in the company.

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