Italy's state railway group Ferrovie Dello Stato Italiane (FS Italiane) has signed an agreement to acquire rail company Trainose from Hellenic Republic Asset Development Fund (HRDAF) in a deal valued at €45m ($48.1m).
The share purchase agreement (SPA) was signed after securing the Court of Auditors’ approval. Privatisation agency HRDAF had declared FS Italiane as the preferred investor in July last year.
The FS Group's chief executive officer (CEO) Renato Mazzoncini said: “The acquisition of Trainose is an opportunity of growth and improvement both for FS Italiane, which carries on its international development, and for the Greek railways, which will be able to take advantage of the FS’ know how and experience.
“This transaction is perfectly in line with the 2017-2026 Industrial Plan, which envisages Europe as the target market for FS, aiming at fourfold revenues from abroad businesses reaching over 4 billion in 2026."
The closing of the acquisition is subject to approval from the EU and is expected in the next few weeks.
HRADF's CEO Anthony Leousis said: "Ferrovie dello Stato Italiane Group is making an important commitment to strengthen and develop Trainose with its expertise and experience, creating a major provider of railway services."
Trainose provides passengers and freight transport services at national, regional, and international levels, along with logistic services.
The company carried around 16 million people, reported revenues for €130m and a net profit of €2.7m in 2015.
Image: Agreement signed by Ferrovie dello Stato Italiane Group CEO Renato Mazzoncini and HRADF CEO Antonis Leousis.