On 18 January Italy’s FS Italiane signed an agreement for the acquisition of Trainose, the Greek rail transport company.
The agreement was signed by FS Group CEO Renato Mazzoncini and by Antonis Leousis, CEO of the Hellenic Republic Development Asset Fund (HRADF).
In July 2016 FS Italiane was named the “preferred investor” by HRADF which had accepted the 45 million euro offer.
“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", said Renato Mazzoncini, FS Group CEO.
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 of over four billion in 2026. The Trainose acquisition follows the NXET ones, the UK company that operates the C2C line from London to Essex. We are proud of these successes which pave the way for further achievements”.
FS Group said it expects the green light from European Union in the next few weeks.
Trainose is the leading Greek railway undertaking; it provides passengers and freight transport services both at national, regional and international level, along with logistic services.
In 2015 it carried around 16 million people, recorded revenues for 130 million euros and a net profit of 2.7 million euros: since 2013 the company has recorded positive economic results. Trainose has 670 employees, about 1,100 leased loco and coaches and manages almost 300 trains daily. The main route on which it operates is Athens – Salonica.
(Source: FS Italiane)