The German Federal Cartel Office and the Austrian Antitrust Court approved the purchase of Nacco in spring 2018 on condition that around 30% of Nacco\u2019s business was first sold to an eligible third party from an antitrust perspective. \u201cIn the past few months, this part of the Nacco business, comprising the German and Luxembourg Nacco subsidiaries, as well as the related leases and the ownership of about 4400 wagons, was offered to a large number of prospective purchasers,\u201d Nacco says.\r\nUnder the deal, Swiss wagon leasing company Wascosa has agreed to take over the operational business, including the workforce and wagon leasing agreements, and Aves One, Germany, has agreed to purchase the wagons. \u201cThe competition authorities have confirmed the consortium\u2019s eligibility as a purchaser for antitrust purposes,\u201d Nacco says.\r\nThe deal will result in VTG acquiring the remaining freight wagons from Nacco\u2019s 14,000 fleet, which it will add to its own fleet of around 80,000 wagons.\r\n\u201cWith the sale of a part of the Nacco business to the consortium of bidders consisting of Wascosa and Aves One, we have moved considerably closer to finalising the takeover of the Nacco Group, albeit in a reduced volume,\u201d says VTG\u2019s CEO, Dr Heiko Fischer. \u201cWe are satisfied with the sale process and the result, despite the long waiting time. Having reached this milestone, we can now move on with full vigour to the final preparations for the closing of the acquisition and the subsequent integration.\u201dVTG announced on July 1 2017 that it would be taking over CIT Rail Holdings (Europe) SAS and, with it, the associated Nacco Group.\r\nVTG received a takeover bid in July from Morgan Stanley Infrastructure subject to the completion of the Nacco acquisition. The offer was rejected by VTG, which said it undervalued the company.