Agreement between FS and Certares for the development of high-speed rail in France and the United Kingdom

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The Ferrovie dello Stato (FS) group and the American fund Certares have signed a strategic alliance, supported by a one billion euro investment plan, to expand high-speed connections in Europe with Frecciarossa. The objective of the agreement is twofold: to strengthen Trenitalia’s presence in France and to bring the Frecciarossa to Great Britain in a few years (the horizon is 2029). Expensive operations, which require the infusion of fresh capital.

A note from FS states: «The agreement provides for the creation of a joint venture and includes an investment in Trenitalia France aimed at accelerating its growth and consolidating its presence in France, the United Kingdom and in cross-border markets». Certares is an investment fund with offices in New York, Luxembourg and also in Milan.

The fund is an old acquaintance for Italy. Created in 2012 by Greg O’ Hara, an entrepreneur with a Canadian passport but of Greek origins, a few years ago Certares entered into negotiations with the Italian government for the purchase of 51% of Ita Airways. But then, with the advent of the Meloni government, on 22 October 2022, the American fund left the scene to make room for the Germans of Lufthansa.

Headquartered in Paris, Trenitalia France offers high-speed passenger rail services in France on the Paris-Lyon and Paris-Marseille routes, as well as the Paris-Milan connection. The company has transported more than 4.7 million passengers since the start of operations and, underlines FS, “records satisfaction levels among the highest in the sector”. The company intends to further expand its network by entering the Paris-London route and launching further cross-border services.

Trenitalia France plans to use the new invested capital to consolidate its position as the second operator in France. Key initiatives of the partnership with Certares include: the expansion of the fleet to at least 19 trains; the development of a new maintenance facility near Paris, on a site recently awarded to the company; the increase in frequencies on existing routes (up to 28 daily trips on the Paris-Lyon route); the creation of hundreds of new jobs; the continuation of investments in technology, brand and marketing and the expansion of international services to the United Kingdom, with entry on the Paris-London route by 2029.