The CDPQ has “exclusive negotiations” to acquire a subsidiary of the SNCF

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The CDPQ has “ exclusive negotiations ” to acquire a subsidiary of the SNCF

The CDPQ has taken steps to acquire Akiem, a locomotive leasing and maintenance company in Europe.

The negotiations are taking place with Akiem, a company specializing in the rental and maintenance of locomotives in Europe, half of which is owned by the SNCF.

The Caisse de depot et placement du Québec confirms that it is in the lead in the process of acquiring the Company's locomotive rental subsidiary National Railway Company (SNCF).

The woolen stocking of Quebecers has 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 German asset manager DWS.

The French newspaper Les Échosreported last Friday that Akiem had received offers of between $3.2 billion and $4 billion. Besides the Caisse, JP Morgan was also in the running before Monday's official announcement.

Akiem has a fleet of approximately 600 locomotives and serves 80 customers in 21 countries. The company generates revenues of some $290 million and earnings before interest, taxes, amortization (EBITDA) of approximately $197 million.

La Caisse pointed out that 75% of Akiem's fleet is electric. Akiem offers a sustainable answer to transport decarbonization challenges – 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 agreement of the regulatory authorities and to consultations with the employee representative bodies.

Last year, the Fund acquired Ermewa, another subsidiary of the French railway company. It is also a co-shareholder with SNCF in Eurostar.

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