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Abu Dhabi Fund, GIP agree to buy railcar hirer VTG for $7.4 billion

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According to Wednesday’s statement, VTG has more than 88,500 rail cars, the largest private fleet in Europe. MSCI acquired VTG through a 2018 takeover bid that valued the company at around 1.5 billion euros.

GIP and ADIA defeated rival investment firms vying for VTG, people familiar with the matter said earlier. The private foundation of the late German entrepreneur Joachim Herz is selling its interest in VTG through the deal. Another VTG investor, Canadian pension fund Omers, will continue to hold its stake after the transaction, the statement said.

Infrastructure has been one of the busiest sectors for mergers and acquisitions this year. National Grid Plc agreed in March to sell 60% of its gas transmission business to a consortium including Macquarie Group Ltd. The Benetton family and Blackstone Inc. offered to buy Italian highway operator Atlantia SpA in April.

KKR & Co, GIP and Stonepeak Partners have jointly made a binding offer to acquire a controlling stake in Deutsche Telekom AG’s tower division, Bloomberg reported earlier this month.

Deutsche Bank advised GIP and ADIA on the VTG acquisition, while Morgan Stanley Infrastructure worked with Goldman Sachs and Crédit Agricole. Lazard Ltd. advised the Herz Foundation.

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