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HIG Capital set to acquire Nuerburgring

6 Mar 2014

NuerburgringA consortium led by private equity firm HIG Capital is reportedly nearing a deal to acquire the Nuerburgring race track.

The consortium has already registered the acquisition of most of Nuerburgring’s assets with the German competition authority, according to Reuters.

HIG will pay up to between €60m and €70m for Nuerburgring, said Germany’s Wirtschaftswoche.

Nuerburgring collapsed into administration in 2012 with a debt pile that equalled around 50 years worth of profits.

Last month HIG closed its Middle Market LBO Fund II on its $1.75bn hard cap after only two months on the road.

Last year HIG closed its second Europe-focused fund on €825m in just three months, well above its initial €750m target and closed its HIG Bayside Loan Opportunity Fund III, which also topped its target, raising more than $1bn.

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