The European Commission has approved the full acquisition of Arriva PLC by private equity firm I Squared.

The notified transaction was reviewed using the streamlined merger review method and was cleared under the EU Merger Regulation.

According to the Commission, the yet-to-be-completed transaction would not create “competition concerns” because the businesses are not involved in the same or directly connected areas.

The EU Commission added how “the transaction relates primarily to the market of passenger transportation services, in particular, train and bus services.”

The originally British, Arriva PLC was sold by Deutsche Bahn to the asset management company in October 2023.

As previously reported, the deal was valued at around $1.68bn and formed part of Deutsche Bahn’s (DB) “Strong Rail Group” strategy.

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According to DB’s “Strong Rail” strategy it aims to set the course for a “shift in the mode of transport and are creating additional capacity, increasing product quality and improving customer satisfaction”.

I Squared Capital, based in North America, Europe, and other global countries, focuses on industries such as energy, utilities, communication, healthcare, and transportation.