Allianz-led consortium's €3.5 billion acquisition of Autobahn Tank & Rast

Overview:

• A consortium of investors led by Allianz Capital Partners agreed to acquire German motorway service station operator, Autobahn Tank & Rast, from the company's financial sponsor, debt fund Terra Firma and co-owner RREEF Property Trust. 
• The value of the deal has not been disclosed but, according to reports, Tank & Rast cost the investors €3.5 billion. 
• In addition to Allianz, the other buyers in the consortium were Borealis, the infrastructure investment arm of Canadian pension fund, Ontario Municipal Employees Retirement System; Infinity Investments, a subsidiary of sovereign wealth fund, Abu Dhabi Investment Authority; and, Meag, the investment arm of reinsurance company, Munich Re.
• The deal sees Allianz return as an investor in Tank & Rast, which it, and company's other two co-investors at the time, sold to Terra Firma in 2004 for €1 billion.
• After buying the company, Terra Firma sold 50% of Tank & Rast to fund RREEF Property Trust, which is run by Deutshce Bank's asset management arm. 
• Tank & Rast's four new investors outbid three offers from Chinese sovereign wealth fund, CIC, Australian investor Macquarie, and Italian group Atlantia to secure the deal.

Ben Naylor - Regional editor