The Caisse de depot et placement du Québec confirms that it is in the lead in the process of acquiring the locomotive rental subsidiary of the Société nationale des chemins de fer français (SNCF).
The woolen socks of Quebecers entered into exclusive negotiations with the shareholders of Akiem, which specializes in the rental and maintenance of locomotives in Europe. The company is equally owned by SNCF and the German asset manager DWS.
The newspaper The echoes reported last Friday that Akiem had received offers of between 2.5 and 3 billion euros ($3.2 billion to $4 billion). Besides the Fund, JP Morgan was also in the race before the official announcement on Monday.
Akiem has a fleet of approximately 600 locomotives and serves 80 customers in 21 countries. The company generates revenues of 220 million euros and earnings before interest, taxes and amortization (EBITDA) of 150 million euros.
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.
The potential transaction is subject to the approval of the regulatory authorities and to consultations with the employee representative bodies.
Last year, the Caisse acquired Ermewa, another subsidiary of the French railway company. It is also a co-shareholder with SNCF in Eurostar.
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