AIP Management announced the acquisition of a 30% equity stake in Agility Trains East (ATE), a rolling stock fleet of 65 new state-of-the-art Hitachi Class 800/801 Intercity Express trains running on the East Coast Main Line in the UK from John Laing.

The fleet benefits from a long-term government-backed and availability-based 27.5-year guarantee period with the UK Department for Transport, as well as a long-term maintenance agreement with Hitachi. The 65-train fleet is already fully delivered by Hitachi and in service on the East Coast Main Line. The fleet is comprised of both electric and bi-modal trains, meaning the fleet can operate on both the electrified and non-electrified parts of the East Coast Main Line.

ATE forms the second phase of the Intercity Express Programme (IEP), UK rolling stock programme to manufacture and maintain new Intercity Express trains for the Great Western Main Line and East Coast Main Line in partnership with the UK Department for Transport in developing the IEP to replace Britain’s ageing fleet of Intercity trains. The IEP will provide a new generation of highly reliable and efficient trains for the East Coast Main Lines, setting new standards for train performance and passenger satisfaction in the UK.

The transaction will be completed in two steps. The total cost consideration for the acquisition is GBP 421 million (US$ 545.9 million).