Hitachi agrees to sell 30% stake in UK rolling stock PPP

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A consortium comprising Dalmore Capital, Equitix Investment Management, Japan Infrastructure Initiative (JII) and Rock Rail has signed agreements to acquire a 30% stake in Agility Trains West (ATW) from Hitachi Rail Europe Limited.

ATW was established in 2012 to finance, own and maintain 57 Hitachi class 800 trains that form the first phase of the Intercity Express Programme (IEP). Hitachi will continue to maintain the Great Western fleet for the duration of the 27.5 year contract.

IEP is a GBP5.7 billion (US$7.36 billion) UK Government-led rolling stock programme to build and maintain 122 new intercity trains for the East Coast and Great Western main lines. 

Dalmore and Equitix previously acquired a 15% interest in IEP through the acquisition of John Laing Infrastructure Fund in October 2018.

DC Advisory acted as lead financial advisor and Ashurst acted as legal advisors to the consortium. Cantor Fitzgerald Europe, Crédit Agricole Corporate and Investment Bank and Goldman Sachs International acted as financial advisors and Allen & Overy acted as legal advisors to Hitachi Rail Europe.

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