The bid for the 50 percent stake held by Germany’s Allianz Capital Partners reportedly values the Danish-German carrier above the €1.3 billion (about US$1.7 billion), which TPG, the U.S. private equity fund, offered for the whole company. 3i and ACP, which rejected the TPG bid because it fell short of their €1.4 billion asking price, are currently seeking to refinance Scandlines with a view to sell it in 2014. The companies are supposedly close to agreeing on a refinancing of around €1 billion in loans.
3i, ACP and minority shareholder, German shipowner Deutsche Seerederei, acquired Scandlines for €1.5 billion, financed by €1.28 billion of debt, in 2007. They bought out Deutsche Seerederei’s 20 percent stake in 2010.
Scandlines sold its freight business, which carried 800,000 trucks on routes between Denmark and Germany, in 2012, to focus on passengers. The company posted a record operating profit of €193 million in 2012, an increase of 6 percent on 2011, on revenue down 0.5 percent at €608 million.