HICL Infrastructure has announced its agreement to acquire a minority stake in Cross London Trains (XLT) from funds managed by Equitix Investment Management.

Founded in 2011, XLT is a public-private partnership (PPP) that owns the recently delivered fleet of rolling stock operating on the Thameslink passenger rail route, covering the North-South London commuter rail corridor and serving both Luton and Gatwick airports.

The transaction is expected to be complete in Q3 2022 following customary third-party consent.