Sale of SNCF’s freight locomotive leasing company nears completion

SNCF is continuing its strategy of disposing of non-strategic assets after moving out of the red last year thanks largely to the €3.2 billion sale of its rail wagon leasing company, Ermewa.

According to French business newspaper, Les Echos, France’s state railways has triggered the sale of its freight locomotive leasing company, Akiem and is being advised by investment bank, Rothschild.

It said the deadline for the submission of “non-binding” offers for the subsidiary, which SNCF co-owns 50/50 with the German infrastructure asset manager DWS, passed earlier this week. Together, they hope to make around 2.5 billion euros from the sale.

After an initial selection of candidates, SNCF and DWS will draw up a short list this with a view to deciding on firm offers at the end of June or beginning of July.

Among the bidders is said to be Canada’s Caisse de Dépôt et Placement du Québec (CDPQ), which, in association with DWS, acquired Ermewa in October last year. Also in the running is French infrastructure fund, Vauban, which was also a candidate to acquire Ermewa. The investor is currently in the process of conducting a takeover bid for German wagon hire company, Aves One.

According to unidentified sources, quoted by Les Echos, Sweden’s EQT is also interested and has joined forces with EDF Invest, another rejected Ermewa suitor. The infrastructure fund Infravia, which has just raised some €5 billion, is also said to be studying the Akiem dossier.

For more information visit www.sncf.com/en