Terra Firma Capital Partners – the private equity firm led by Guy Hands – and Deutsche Asset & Wealth Management have completed the sale of German motorway service station chain, Tank & Rast, according to a person familiar with the matter.

The owners sold the business for €3.9 billion - higher than the €3.5 billion enterprise value that was reported in August - to a consortium comprising Allianz Capital Partners, Borealis Infrastructure Management, Infinity Investments, which is a wholly-owned subsidiary of the Abu Dhabi Investment Authority, and MEAG, Munich Re Group's asset manager.