Ferrovie Dello Stato Italiane S.p.A. the Italian government-owned holding company that manages infrastructure and services on the Italian rail network, has completed the acquisition of 100% stake in Greek TRAINOSE SA.

The sale and transfer of the stake was closed for a total consideration of €45 million (US$53.5 million).

The signing of the agreement was held in Corfu by the Chair of the HRADF’s BoD, Mrs. Lila Tsitsogiannopoulou, and the Chief Executive Officer of Ferrovie dello Stato Italiane Group, Mr. Renato Mazzoncini, during the Greece – Italy High-Level Cooperation Council proceedings.

HRADF completes a bidding process that began four years ago and opens up new page for TRAINOSE, as the privatization of the company has resulted in the closure of the European Commission’s State Aid dossier on TRAINOSE’s debt to OSE, amounting at €692 million.

TRAINOSE operates as the sole provider of rail services in Greece. TRAINOSE was established in 2005, as a subsidiary of OSE S.A.. In December 2008, the ownership of TRAINOSE was transferred to the Hellenic Republic. The company is engaged in the provision of traction services for the rail transportation of passengers and freight, the development, organization and exploitation of urban, suburban, regional, extra-urban and international railway transportation of passengers and freight, as well as bus transportation or combined transportation of passengers and freight and the provision of logistics services of any nature.

Ferrovie Dello Stato Italiane S.p.A. is the third largest railway company in Europe and assumes the responsibility to strengthen and develop TRAINOSE.

The financial advisors for this process are Investment Bank of Greece and Kantor Management Consultants, while law firms Hogan Lovells International LLP and M. & P. Bernitsas Law Offices are acting as legal counsels and Louis Berger S.A. as technical advisor.

As we reported, Ferrovie Dello Stato Italiane S.p.A. was the only bidder in the process for the sale of 100% stake in TRAINOSE SA. and EESSTY SA. (ROSCO) in July 2016.

Previously, HRADF had announced that Open Joint-Stock Company “Russian Railways” and GEK Terna expressed their initial interest for the sale