Groupe Eurotunnel has completed the sale of its British rail freight subsidiary, GB Railfreight (the third largest rail freight operator in the UK), to EQT Infrastructure II.
Last month, the Eurotunnel Group reported it had received a binding and irrevocable offer from EQT Infrastructure II, for the potential acquisition of GB Railfreight.
Following consultation with the relevant group level staff representative bodies, on 26 October, the roup undertook the GB Railfreight sale.
Revenues for GB Railfreight in 2016 are expected to reach approximately £125 million. The amount of the transaction in enterprise value terms is approximately €180 million.
Groupe Eurotunnel acquired GB Railfreight in 2010 for £25 million (at an exchange rate of £1=€1.17) and has more than doubled its activities, leading to forecast revenues of approximately £125 million whilst at the same time significantly improving its profitability. The Internal Rate of Return for the same period, from 2010 to 2016, estimated at the time of the potential sale, is just above 28%.
Read the article online at: https://www.drybulkmagazine.com/rail-barge/17112016/groupe-eurotunnel-completes-sale-of-gb-railfreight/