FRANKFURT, July 5 Private equity firms 3i
and Allianz Capital Partners may put the
auction of ferry group Scandlines on hold after
failing to agree on a price with the remaining bidder, a person
familiar with the process said.
ACP and 3i are seeking 1.4 billion euros ($1.8 billion) for
the Baltic ferry operator while another private equity investor
TPG is offering only 1.3 billion euros, the source
said, speaking on condition of anonymity.
3i, ACP and TPG declined to comment.
Separately, the chief executive of Scandlines peer DFDS
told Danish news agency Ritzau that he was still
interested in taking over activities from Scandlines despite
having officially dropped out of the auction last week.
3i and ACP paid 1.5 billion euros for Scandlines at the peak
of the buyout boom in 2007, backed with 1.28 billion euros of
debt, according to Thomson Reuters LPC data. Another minority
investor in the deal was bought out in 2010.
Scandlines, established in 1998, carries passengers and
freight between Denmark, Germany and Sweden. In 2012, it had
11.7 million passengers, 2.7 million cars and 0.8 million cargo
An undersea road and rail tunnel being planned for 2020
between Denmark and Germany could reduce passenger numbers on
one of the group's busiest routes.
In 2012, it saw a 6 percent rise in recurring EBITDA
to 193 million euros, compared with 2011.