Channel Tunnel operator Eurotunnel has announced the planned sale of its subsidiary GB Railfreight (GBRf).
EQT Infrastructure II, which owns the Swedish rail freight operator Hector Rail, has submitted a binding and irrevocable offer for GB Railfreight.
GBRf, one of the UK’s largest rail freight operators, was established in 1999.
Eurotunnel said the acquisition will “give new direction to GBRf”, which it acquired for £25 million in 2010. It would also allow Eurotunnel to focus on its “core infrastructure and transport business” and the delivery of the ElecLink electrical interconnector project – a proposed 1000 MW electricity interconnector between Great Britain and France.
Jacques Gounon, chairman and chief executive officer of Eurotunnel, said: “I am convinced that EQT is the right owner to take GB Railfreight to the next level, given their strong focus on growth and sustainable long-term value creation.
“GBRf has been a great success, proving that significant value can be generated in this sector. On the strength of its results, the Group will continue to favour long-term investments and shareholder return.”
The French rail freight business provided by Europorte is not included in the offer.