Noerr has advised the French state-owned banking group Caisse des dépôts (CDC) and public transport provider Transdev, on structuring a transnational partnership with the German group Rethmann.
In connection with Veolia’s planned exit from Transdev, Rethmann is planning to acquire a stake in the company. At the same time, Rethmann is to contribute its German public transport division, which is bundled in Rhenus Veniro, to Transdev.
Once the transaction has been completed, Rethmann is to hold 34 per cent of the capital in Transdev, while CDC is to control the company with two-thirds of voting rights and 66 per cent of the capital. The partners see the acquisition of Rhenus Veniro as a decisive strengthening of Transdev’s core business, which is intended to complement Transdev’s international development strategy in the long term.
Transdev wants to continue growing especially in the German market. As the second-largest player on the German railway market, Transdev is already generating turnover of almost EUR900 million in Germany, with the new partnership probably accelerating its expansion. With its company Rhenus Veniro, Rethmann has bus companies in seven German states with 2,200 employees and operates three regional railway lines and the public transport in Zwickau. Rethmann’s presence in Eastern Europe and Australia will also strengthen Transdev’s international orientation. Currently, Transdev has operations in 20 countries and achieved turnover of EUR6.6 billion in 2017 with 82,000 employees. The transaction is subject to regulatory approval.
The Noerr team headed by partners Robert Korndörfer and Christoph Spiering advised CDC and Transdev comprehensively on the transaction. The focus was on the planned acquisition of Rethmann subsidiary Rhenus Veniro by Transdev by way of contribution. Noerr regularly advises on local public transport and infrastructure transactions. Teams led by Christoph Spiering and Tibor Fedke have, for example, advised Mass Transit Railway (MTR) on various German tender procedures for the planned acquisition of public transport stakes and most recently Veolia on the sale of a BS|Energy stake in Thüga and its stake in the Pulheim public utilities.
