DGAP-Ad hoc: VTG AG

On 1 July 2017, VTG Aktiengesellschaft ("VTG") made public that it will acquire from CIT Group Inc., New York City, USA ("CIT"), all shares in CIT Rail Holdings (Europe) SAS, Paris, France. CIT Rail Holdings (Europe) SAS is the owner of the Nacco Group, a European railcar leasing company with a fleet of approximately 14,000 rail freight cars. The consummation of the acquisition is subject to merger clearance in Germany and Austria.
 
Based on the current status of the discussions with the German Federal Cartel Office, the management board of VTG assumes that merger clearance can only be obtained subject to material conditions. Therefore, VTG has proposed to the Federal Cartel Office the disposal of significant parts of the acquired Nacco business which comprise around 30% of the Nacco Group's inventory of rail freight cars. The management board of VTG expects that the Federal Cartel Office will prolong its examination period (Phase II).
 
In case of a merger clearance subject to the aforementioned proposal, such disposal has to be implemented prior to consummation of the Nacco transaction and, economically, be borne by VTG. Therefore, the management board of VTG expects the Nacco transaction only to be completed in the second half of 2018. The expected EBITDA (Earnings before interest, taxes, depreciation and amortization) contribution from the Nacco transaction for the year 2018, which VTG estimated at announcement of the transaction at approximately EUR 100 million before transaction and integration costs for the entire year 2018, would as a result of the delay as well as the aforementioned proposal for the disposal be reduced significantly.

Contact:
Christoph Marx
Head of Investor Relations
Telephone: +49 (0) 40 23 54-1351
E-mail: christoph.marx@vtg.com