FRANCE: SNCF has completed the sale of its 100% stake in wagon leasing company Ermewa Group to a consortium of Canadian pension investor Caisse de Dépôt et Placement du Québec and investment group DWS.
This follows French and EU regulatory approval and the completion of consultations with employee representatives
Ermewa has a fleet of 100 000 wagons and tank containers, serving more than 1 000 customers in 80 countries through 40 offices. It has been acquired by DWS and CDPQ on an equal-share, joint-control basis.
SNCF Chairman & CEO Jean-Pierre Farandou said on October 22 that the sale was ‘fully in line with the SNCF Group’s strategy to become a world leader in sustainable mobility for passengers and goods. Ermewa, which remains an important commercial partner of SNCF, will benefit from the support of long-term partners, ensuring the sustainability of the company’s activity’
He explained that the deal would reduce SNCF’s net debt by €3·2bn, taking into account the sale price and the debt being assumed by the new shareholders.
DWS, Head of Infrastructure Hamish Mackenzie said ‘we look forward to working with Ermewa’s highly experienced management team alongside our active partner CDPQ to unlock Ermewa’s full potential and ambitions in the European railcar and global tank container markets.’