Allianz, Borealis, Infinity Investments, a subsidiary of the Abu Dhabi Investment Authority, and MEAG (Munich Re.) have signed an agreement to acquire 100% of Autobahn Tank & Rast Holding GmbH.
The team has acquired Tank & Rast from Terra Firma Capital Partners and a fund managed by Deutsche Asset and Wealth Management for an undisclosed sum.
The consortium beat out competition form four other companies that were in the race to acquire Tank & Rast, China Investment Corp., Macquarie, Singapore wealth fund GIC and Ontario Teachers Pension Fund.
Tank & Rast is Germany's largest owner and concessionaire of a network of motorway service areas providing essential services to 500 million visitors each year. The Tank & Rast network comprises around 390 service areas, approximately 350 petrol stations and some 50 hotels on Germany's highway network. The company, which was privatized in 1998, generates more than €3 billion (US$3.27 billion) in revenue.
Terra Firma bought Tank & Rast in 2004 for €1.1 billion from Lufthansa, Apax and Allianz. Later in 2007, the firm sold half of its interest to RREEF Infrastructure Management Ltd.
The wining consortium is a group of like-minded investors with long-term investment horizon and significant investment experience across various sectors and in Germany, Europe and globally. A representative of the consortium stated:
"As market leader in Germany, Tank & Rast is an attractive investment for all of us due to its long-term and stable investment characteristics and its stable regulatory and contractual environment. Tank & Rast has a proven strategy and track record of steady operational performance. We look forward to working with its management to continue Tank & Rast's exceptional long-term success story."
Christian Fingerle, Chief Investment Officer responsible for infrastructure investments at Allianz, commented:"The acquisition is an important step in our ambition to substantially grow our portfolio of high-quality infrastructure companies and to diversify across sectors and countries. We are committed to support management in sustainably growing Tank & Rast in close co-operation with all stakeholders and to further improve its essential services for all customers," said Christian Fingerle, Chief Investment Officer responsible for infrastructure investments at Allianz Capital Partners.