The Caisse de depot et placement du Québec (CDPQ) has entered into exclusive negotiations with the SNCF and the German group DWS concerning the sale of the Akiem group, the institution confirmed in a press release Monday morning. Akiem is the leading player in the freight locomotive rental market in France and Europe.
Posted at 10:32
The terms of CDPQ’s offer have not been publicly disclosed.
The business daily The echoes leaked the Caisse’s interest in Akiem last week. He claimed that the SNCF had obtained offers from candidates giving a value between 2.5 and 3 billion euros (between 3.2 and 3.9 billion Canadian dollars) for the subsidiary.
Akiem has revenues of 220 million euros (about 280 million Canadian), earnings before interest, tax and amortization of about 150 million euros (almost 200 million Canadian) in 2021, a fleet of more than 600 locomotives, 46 passenger trains and some 250 employees. The Caisse pointed out that 75% of Akiem’s fleet is electric. “Akiem offers a sustainable response to the challenges of decarbonizing transport – a solution that appealed to us from the start,” comments Emmanuel Jaclot, Senior Vice-President and Head of Infrastructure. Akiem serves 80 customers in 21 countries.
Ownership of Akiem is shared equally between SNCF and DWS.
Before being accepted, the CDPQ’s offer is subject to the consultation procedures existing within the SNCF Group and Akiem. Competition authorities will also have their say.
“We are delighted with the prospect of a commitment from the CDPQ, which would allow Akiem to continue its investments in order to support its long-term growth in Europe, in the locomotive and passenger train leasing markets”, indicated Fabien Rochefort, Chairman of the Akiem Group.
“Due to its size and its positioning across the entire value chain, particularly maintenance, Akiem has significant competitive advantages to take advantage of the expected growth of the locomotive rental market across the Europe, ”said Emmanuel Jaclot, first vice-president and head of infrastructure at the CDPQ, in the same press release.
Last year, the Caisse acquired Ermewa, another subsidiary of the French railway company. It is also a co-shareholder with SNCF in Eurostar.
The Caisse loves France
The Caisse’s appeal to French companies is not limited to SNCF. The asset manager of public pension and insurance plans has doubled in five years its amounts invested in France to nearly 15 billion euros (about 20 million Canadian), underlined the French daily last May.
“We have strong aspirations in Europe and in France in particular. We have a real interest in deploying capital there”, then entrusted the boss Charles Emond to the echoes.
His investments in France have experienced ups and downs, such as his holdings in the Eurostar train which required an injection of capital or the drop of 1.5 billion dollars in just a few months in the value of his investment. in Alstom.
With The Canadian Press