The Ferrovie dello Stato (FS) group and the American fund Certares have signed a strategic alliance to expand high-speed connections in Europe with the Frecciarossa, backed by a billion euro investment plan. The aim of the agreement is twofold: to strengthen Trenitalia’s presence in France and to bring the Frecciarossa to Great Britain in a few years’ time (we speak of 2029). Expensive operations, which require the injection of fresh capital.
A note from FS reads: ‘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 UK and cross-border markets. Certares is an investment fund with offices in New York, Luxembourg and also in Milan.
The fund is an old acquaintance of Italy. Created in 2012 by Greg O’ Hara, an entrepreneur with a Canadian passport but Greek origins, a few years ago Certares entered into negotiations with the Italian government to buy 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 way for the Germans of Lufthansa.
Based 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 link. The company has transported more than 4.7 million passengers since the start of operations and, underlines Fs, ‘registers satisfaction levels among the highest in the sector’. The company intends to further expand its network with the entry of the Paris-London route and the launch of additional cross-border services.
Trenitalia France plans to use the new capital investment to consolidate its position as the second largest operator in France. Key initiatives of the partnership with Certares include: expanding the fleet to at least 19 trains; developing a new maintenance facility near Paris, on a site recently awarded to the company; increasing frequencies on existing routes (up to 28 daily runs on Paris-Lyon); creating hundreds of new jobs; continuing to invest in technology, brand and marketing; and expanding international services to the UK, with the Paris-London route to be added by 2029.