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First State, Hermes – Acquisition of ferry company in Germany

First State Investments and Hermes Investment Management have agreed to acquire a 65% stake in Scandlines from 3i Group and a fund managed by 3i for an enterprise value of EUR 2.56bn. The sale prices comprise EUR 1.7bn of equity and EUR 862m of senior debt. Scandlines operates three lines for passenger and freight in and between Denmark and Germany.