Freightliner, the UK’s second largest freight company, is to be bought by American firm Genesee & Wyoming for £490 million.
G&W will acquire approximately 95% of the shares from current owner Arcapita. It will assume approximately £8.5m in net debt and capitalised leases.
Members of the existing Freightliner management team will retain approximately 5% ownership, with G&W to own 100% of the business by mid-2020. The deal is expected to close during the first quarter of this year.
FL says that the change in ownership will be “mutually beneficial for both parties”. There is no impact on day-to-day operations of the Group or its subsidiaries.
Russell Mears, Chief Executive of Freightliner Group, said: “Genesee & Wyoming brings additional investment firepower, extended international reach and increased below rail infrastructure expertise to add to the existing strengths of the Freightliner Group.”
- For more on this story, see RAIL 769, published on March 4