ESTONIA: Eight bidders have been shortlisted to participate in the potential sale of state rail freight group Operail’s locomotive assembly and repair, wagon leasing and Finnish operating businesses.
The government has deemed these as non-strategic activities. The state began the partial privatisation process around 1½ years ago, appointing Superia so advise on a sale to a strategic or financial investor.
However, the process was suspended after the Russian invasion of Ukraine in February 2022, with the sale of assets deemed the best strategy in the new situation.
Issuing an update on September 8, Operail said offers were sent to 35 investors, nearly half of which made an initial offer, and eight will progress further.
‘The process is transparent and documented, but disclosing details in the middle of the sales process does not make sense from a business perspective’, said Operail. ‘The aim is to sell the assets in a way that is most profitable for the state.’
