Slovak Antimonopoly Office Approves Sale of AAE Wagon to Galtymore Partners Capital Fund

The Antimonopoly Office of the Slovak Republic (PMÚ) has reviewed the planned acquisition of AAE Wagon, the majority owner of Cargo Wagon, a company engaged in the leasing of freight rail wagons. The new owner will be Galtymore Partners Capital Fund (GPCF). The transaction follows the decision of VTG Group, which is selling its stake as part of a broader market restructuring.

PMÚ completed its assessment of the planned concentration in the leasing, maintenance, and repair of freight wagons and locomotives. The case concerned the acquisition of AAE Wagon by GPCF, which will become the company’s sole owner after the transaction is finalised. GPCF is an Ireland-based investment fund focusing on infrastructure and transport assets in Europe.

The Slovak authority found no grounds to block the acquisition and therefore approved the concentration. The official decision can be read on the PMÚ’s website.

AAE Wagon Gains a Majority Owner

Until now, AAE Wagon had been jointly owned by GPCF and VTG Rail, each holding a 50% stake. VTG is one of Europe’s largest providers of freight wagons and logistics services, but has faced challenging market conditions in recent years. The European rail freight sector has been going through a difficult period due to rising operating costs, energy transition pressures, and a decline in industrial demand, leading to lower transport volumes. As a result, VTG decided to sell its share in AAE Wagon as part of a strategy to strengthen financial stability.

Following regulatory approval, GPCF will gain full control over AAE Wagon, whose subsidiary Cargo Wagon, based in Bratislava, counts Slovakia’s national rail freight operator ZSSK Cargo as a minority shareholder. Cargo Wagon is one of the largest owners of freight wagons in Central Europe, leasing its rolling stock primarily to rail operators and industrial clients across Central and Eastern Europe. The company prides itself on a high-quality fleet, strong maintenance and service standards, a straightforward leasing model, and the use of digital solutions.

Antimonopoly Office Approved a Similar Transaction Less Than Two Years Ago

The initiation of the PMÚ procedure represented a standard administrative step for transactions of this nature. The authority evaluated whether the acquisition would restrict competition in the market. A similar transaction had already been reviewed in March of the previous year, when PMÚ approved the purchase of AAE Wagon from Cargo Lease AG — a joint acquisition by GPCF and VTG.

At that time, the authority found no issues that would prevent the acquisition and confirmed that the merger did not distort competition in relevant markets. For this reason, no obstacles were expected in the current process, and indeed, PMÚ encountered none, ultimately granting approval for GPCF’s takeover of AAE Wagon.