DaimlerChrysler AG’s 45% stake in debis AirFinance may be sold to Cerberus Capital Management LP. The value of the deal was not disclosed.
On Sunday, DaimlerChrysler confirmed that the company is in the process of completing the deal with Cerberus refusing to provide figures for the deal saying it is not closed yet. The stake was acquired by DaimlerChrysler in 1995 for $1 billion, people familiar with the transaction said.
DaimlerChrysler’s most important division showed poor results in the latest quarter which led to the company’s shareholders’ revolt demanding better performance.
Cerberus is a hedge fund that is focused on financing middle-market businesses in the US, Europe and Asia. The company also invested in such airlines as Air Canada.
Amsterdam-based debis is held by four German banks and DaimlerChrysler.