Rethmann completes acquisition of Transdev stake

Ludger Rethmann (Rethmann board member), Eric
Lombard (CEO CDC), Thierry Mallet (Transdev
chairman and CEO); photo: Transdev
10.01.2019 − 

The Remondis parent concern Rethmann has completed a planned investment in the public transport operator Transdev. Rethmann will hold a 34 per cent stake in the multinational, which is active globally and in ten countries in Europe including France, Germany, the UK, Spain and the Netherlands. Rethmann reported on 10 January that it had paid €340m for a 30 per cent stake in Transdev previously held by Veolia. In addition, the German group has transferred Rhenus Veniro, which houses its German public transport activities, to the Transdev group, giving Rethmann a total holding of 34 per cent of Transdev's capital. The state-owned French bank Caisse des Dépôts (CDC) remains Transdev's largest shareholder with a holding of 66 per cent.

Prior to the closing, the competent authorities in Germany, Austria and Australia had granted the necessary regulatory and antitrust approvals for the transaction, the companies stated. "The experience and presence of the Rethmann Group are major assets for Transdev in its ongoing development," according to the joint statement issued by CDC and Rethmann. Transdev's owners said they both sought a long-term partnership and were committed to dynamic development of the regions in which they operate.

The Transdev Group already generates 60 per cent of its total turnover of around €6.6bn outside France. In Germany, the turnover is €900m, making the company the second largest player in the regional railway market after Deutsche Bahn.

Rethmann is also expected to make an important contribution to Transdev's innovation, as experts from both corporate groups will in future be able to work together on topics such as digitization, the advancement of driverless vehicles and sustainable mobility, and to share key technologies and know-how.

"We are delighted to become a long-term partner of Caisse des Dépôts Group with the aim of driving forward Transdev’s industrial development. We will bring to Transdev our knowledge of customers, our know-how and our experience of public private partnerships as we face the challenge of delivering more inclusive, collaborative and sustainable mobility," said Rethmann board member Ludger Rethmann.

A further large acquisition announced last year by the German group is still pending. The proposed purchase of German packaging waste recovery system operator Duales System Deutschland (DSD) is still being examined by the German Cartel Office. If the deal goes through, the takeover would be retroactive to 1 January 2018 and DSD’s estimated sales of around €500m would be included in Remondis’s results for last year. The Transdev stake and the DSD acquisition would push Rethmann’s annual revenues close to the €17bn mark.

As a result of company formations and acquisitions, Remondis alone added more than 40 firms to its scope of consolidation for the first time in  2017. Nearly 430 affiliated companies were listed for the Remondis segment in the parent group’s financial statement for 2017, the most recent available. Further acquisitions in Germany and other European countries followed in 2018.

A detailed report on Rethmann's and Remondis' financials for 2017 can be found in the most recent issue of EUWID Recycling and Waste Management 1/2019.

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