Electra Private Equity PLC ("Electra") is pleased to announce it has entered into a conditional agreement for the sale of its interest in Freightliner to Arcapita. Completion of this transaction is conditional upon receiving European Commission clearance. It is presently anticipated that this will be received by the end of August 2008.
On completion net proceeds due to Electra from the sale will give rise to an uplift of 120p per Electra share from the valuation of Electra's holding in Freightliner at 31 March 2008.
At 31 March 2008 Electra valued its holding in Freightliner at £32.9m. On completion, Electra will receive net proceeds of £71.1m in respect of this transaction.
Freightliner's business consists of two separate divisions - Intermodal and Heavy Haul. Intermodal offers a fully integrated rail service for the transportation of containers from deep sea ports to inland collection points and includes local haulage to the final destination. Heavy Haul provides an alterative supplier to the bulk freight rail market. Both businesses have offices and freight terminals located around the rail network.
NM Rothschild acted as financial advisor to Electra in this transaction.
