CDPQ completes Akiem acquisition

AkiemCDPQ has concluded with SNCF and DWS the transaction to acquire the entire capital of Akiem, the leading provider of locomotive leasing services in Europe.

The closing of the transaction follows the finalisation of the customary consultation procedures with employee representative bodies of SNCF Group and Akiem, and the confirmation of the required regulatory approvals, in particular with the French competition authority.

“CDPQ is thrilled to acquire Akiem, a major European player in the rail sector, and is looking forward to working with its team to bring the company to the next stage of its growth. Akiem’s size and positioning across the entire value chain, including maintenance, give it a significant competitive edge to benefit from the expected growth in the locomotive leasing market across Europe,” Emmanuel Jaclot, Executive Vice President and Head of Infrastructure at CDPQ said.

With revenues of nearly EUR 220 million, EBITDA of around EUR 150 million in 2021, a fleet of over 600 locomotives, 46 passenger trains and some 250 employees, Akiem is the European leader in locomotive leasing and maintenance. Recently Akiem orders from Siemens Mobility 65 Vectrons which will be delivered in 2024. The order is part of a framework agreement signed in December 2021 which included the purchase of 20 Vectron multisystem locomotives.

Headquartered in France with 8 European offices, Akiem provides local expertise to over 80 customers operating in 21 countries. The company has the largest fleet on the continent, of which 75% is electric, a share that is expected to increase in the coming years.

Three quarters of Akiem’s rolling stock is powered by electricity, providing sustainable, safe and reliable turnkey service across Europe. “After a fruitful collaboration with SNCF and DWS, we intend to pursue our growth strategy and will continue to innovate in order to strengthen the quality and performance of our freight and passenger solutions for our customers,” Fabien Rochefort, CEO, Akiem Group said.

For SNCF Group the sale of Akiem will contribute to a EUR 800 million debt reduction.

In August 2022, SNCF and DWS entered into exclusive negotiations with CDPQ to sale Akiem which in 2020 acquired Macquarie Europe Rail’s stock leasing business.

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