A total of five teams are in the race to acquire the German autobahn service area chain Tank and Rast from British private equity group Terra Firma and Germany's RREEF Infrastructure Funds.
The deal could be closed for a total consideration of €3 billion (US$3.3 billion).
The five teams in the race are the following:
Tank and Rast chain currently operates about 390 service stations and 350 gas stations (including approximately 50 hotels) on Germany's Autobahn highway network, which represent about a 90% of the market.
The company, which was privatized in 1998, generates more than €3 billion (US$3.3 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.