Aves One Acquires ERR Group Companies at EUR 33.5m – Lawyer Monthly | Legal News Magazine

Aves One Acquires ERR Group Companies at EUR 33.5m

By way of a share deal Aves One AG, Hamburg, has acquired 100% of the shares in ERR European Rail Rent Vermietungs GmbH, Vienna, Austria, as well as 33.3% of the shares in the German ERR European Rail Rent GmbH, Duisburg , Germany; the Austrian target being the asset owning company.

Signed on the 22nd August 2016, and expected to close towards the end of October, the purchase agreement for the acquisition of the ERR group was priced at EUR 33.5 million. Managing Director of ERR’s Austrian freight wagon holding firm, Jürgen Bauer, will be the COO on Aves One’s Board of Directors.

Based in Hamburg, Germany, Aves One is a global asset owner of logistics equipment, and ERR is a freight transportation company that operates the rental of freight wagons for rail-bound transport.

In drafting the share purchase agreements, Aves One as purchaser was advised by Huth Dietrich Hahn (in Germany), partner Sebastian Kuehl leading the team, and by Kordula Fleiss-Goll of Jakobljevich & Grave Rechtsanwaelte (in Vienna) as regards Austrian law. The seller was served by Schoenherr with a team consisting of Alexander Popp and Miriam Simsa and as regards German law, the shareholders of ERR were advised in this transaction by Gleiss Lutz.

Following this transaction, Schoenherr believes Aves One is set to double its assets value to over EUR 400 million, subsequently increasing its freight wagons to 4,200 units. This also allows Aves One, participating in the management or ERR’s assets, to cover the entirety of the freight transport value chain.

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