Transportation Industry
Private equity fund agrees to buy MTU.(Update)
Marine Log, January, 2006
The private equity fund EQT has reached an agreement with DaimlerChrysler to acquire the DaimlerChrysler Off-Highway business unit. The sale covers 100 percent of German engine manufacturer MTU Friedrichshafen, including the off-highway part of Detroit Diesel, Detroit, Mich. EQT and DaimlerChrysler have agreed to an enterprise value of 1.6 billion euros ($1.9 billion). The deal, which is expected to close in the first quarter of 2006, must still be approved by antitrust authorities.
EQT has made a number of investments in Northern European industrial companies.
"With [EQT's] industrial approach, they substantially contribute to our company on the financial side, and will work together with us on our growth strategy," said Volker Heuer, chairman of the...
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