Certares invests €300 million in Trenitalia France rail venture
Certares founder Greg O’Hara is investing roughly €300 million in Trenitalia France, taking a minority stake alongside Italy's state rail group FS.
Greg O’Hara, founder of investment firm Certares, has announced an investment of roughly €300 million in Trenitalia France, the French arm of Italy's state rail operator. The deal involves taking a minority stake alongside parent group FS, which retains ownership of the tracks and stations.
Trenitalia France ordered 19 high-speed trains from Hitachi in August, ten of which are intended for a new Paris-London service targeted to launch by 2029. O'Hara explained the choice partly on delivery speed, noting Trenitalia is a major customer of both Hitachi and Alstom, allowing faster train deliveries compared to competitors such as Virgin, which does not yet have a public train order.
The investor views rail as a rare profitable ESG opportunity in Europe, pointing out that France has already banned short-haul flights on routes where a rail alternative under two and a half hours exists. The investment is being made through Certares' current fund, with additional investor participation through co-investment, as O'Hara said there was strong interest from European family offices and institutional investors.
O'Hara also addressed the competition with Virgin over Channel Tunnel service, noting three approvals are required—French, British, and tunnel-related—and that whoever delivers trains first is expected to receive approvals first. He also mentioned interest in other high-density rail corridors globally, including a proposed Doha-Riyadh link.