Trenitalia (Gruppo Ferrovie dello Stato) has risen to 100% of Netinera Deutschland, the second German regional transport operator controlled to date 51% by Trenitalia and 49% by Cube Transport sarl, a Luxembourg investment vehicle that belongs to the Cube Infrastructure Managers fund, specialized in infrastructure and public services.
Ferrovie dello Stato and Cube Infrastructure had acquired Netinera in December 2010 (see here the press release at the time), taking over it from British group Arriva plc on the basis of an enterprise value of 350 million euros. Now Trenitalia has acquired the entire stake owned by Cube. That Cube Infrastructure wanted to exit the investment was known from the beginning of 2019. At the time it was said that Netinera had an enterprise value of around 800 million euros (see Reuters here).
The deal took place after the green light at the end of November by the DG Competition of the European Commission. Trenitalia was supported in the transaction by its internal legal team and the international law firm Gianni & Origoni. Cube Infrastructure Managers, on the other hand, was assisted by the German office (Frankfurt) of Allen & Overy (see the press release here).
Netinera operates 230 locomotives and 1,500 buses entrusted to 3,540 workers, which contribute to the travel of 29 million trains per kilometer and 55 million buses per kilometer. The company operates in Germany and the Czech Republic, mainly in the regions of Hamburg, Lower Saxony, Bavaria, Berlin, Brandenburg, Bremen, Mecklenburg-Vorpommern, North Rhine-Westphalia, Saxony and Thuringia.
