Arcapita buys interest in Freightliner

Source: Supply Chain Digital

Date :16/06/2008 10:01:50

Electra Private Equity plc said Friday, June 13, that it has agreed to sell its interest in Freightliner Group to Arcapita, the Bahrain-based investment bank.

Arcapita, which specialises in corporate, real estate and asset-based investments and venture capital, will acquire Freightliner from 3i and Electra. The deal is subject to clearance from the European Commission.

Electra said it expects to receive clearance by the end of August 2008. On completion, it will receive net proceeds of £71.1 million.

At end-March 2008, Electra valued its holding in Freightliner at £32.9 million.

International activities

In a statement, Freightliner said that the change of ownership will ensure the company 'can continue to invest in and develop its intermodal and heavy haul businesses, and enhance its international activities.' There will be 'little change' to management and staff.