FRANKFURT, July 23 (Reuters) - Italian motorway operator Atlantia ATL.MI , Chinese sovereign wealth fund CIC CIC.UL , Australian infrastructure investor Macquarie MQG.AX and a consortium led by insurer Allianz ALVG.DE are vying for Germany's Tank&Rast, according to several people familiar with the deal.
The four different groups are expected to hand in final bids of up to 3.5 billion euros ($3.84 billion) for the motorway service station group by a deadline set for next week, the sources added.
Terra Firma TERA.UL , run by British financier Guy Hands, is selling Tank&Rast, which operates 350 petrol stations and 390 service stations, with the help of Deutsche Bank DBKGn.DE and JP Morgan JPM.N .
Terra Firma bought the group for 1.1 billion euros in 2004 before selling 50 percent to Deutsche Asset & Wealth Management in 2007. Deutsche is also offering to sell and will not bid for the remaining stake, sources said.
The business is expected to have core earnings of about 240 million euros in 2015. The seller is hoping for a valuation of up to 15 times core earnings (EBITDA) in a deal potentially worth between 3 billion euros and 3.5 billion euros.
Banking sources said that lenders are working on debt packages of roughly 8 times core earnings or 2.2 billion euros including undrawn facilities.
The Allianz-led consortium also includes Munich Re's MUVGn.DE MEAG unit, sovereign wealth fund Abu Dhabi Investment Authority and Borealis, part of pension fund OMERS, sources have said in the past.
A different consortium, which comprised Canadian pension funds PSP and Ontario Teachers as well as Singapore sovereign wealth fund GIC, has dropped out of the race, the sources said.
The companies and investors declined to comment.
($1 = 0.9118 euros)