International financing banks and timeline announced to deliver Deutsche Bahn’s sale of Arriva to I Squared Capital

London, 8 November 2023 – Following Deutsche Bahn AG (DB) and I Squared Capital signing an agreement¹ for the sale of Arriva Group (Arriva), including all of its operating businesses across 10 European markets, to I Squared, a leading global infrastructure investment manager, the syndicate of banks is announced today

The underwriting group for the financing of the transaction comprises BNP Paribas, Crédit Agricole Corporate and Investment Bank, Rabobank, Santander, Societe Generale and Standard Chartered. Raiffeisen Bank International is a cornerstone lender and Mandated Lead Arranger. The financing structure will follow a typical infrastructure style format with syndication expected to launch in November.

The transaction is expected to complete in 2024, subject to the customary closing conditions, including the approval of the DB Supervisory Board and the Federal Ministry for Digital and Transport of the Federal Republic of Germany.

 Arriva provides passenger transportation services in Europe. The company offers transport services through various means of transport such as buses, trains, trams and light rails, commuter coaches and water buses. It also offers local, regional, and national train services for public and private organizations across Europe. Arriva owns a fleet of buses, trains, trams, waterbuses and coaches. The company principally operates in European countries, including, the Czech Republic, Croatia, Italy, Hungary, the Netherlands, Poland, Slovakia, Spain, Slovenia and the UK. Arriva is headquartered in Sunderland, England, UK. In terms of ESG, Arriva’s strategic goals includes achieving net-zero operations and future decarbonisation of its European fleet, to support cleaner air in cities and towns through greener public transport.

As part of DB’s Strong Rail Group strategy, the company announced that it intended to sell Arriva to enable additional growth in rail transport in Germany and allow it to focus its resources on its core business. Deutsche Bahn acquired the British company in 2010. Over the past few years, DB has worked successfully with Arriva to stabilise its business after the Covid impact and to focus the company’s sustainable growth strategy on relevant markets. The sale of non-core markets, including Arriva Sweden and Portugal in 2022 and Arriva Serbia, Denmark and Poland (Bus) was completed this year.

I Squared has extensive experience in providing essential infrastructure, including transport, logistics, energy, utilities, and digital infrastructure around the world. The firm is committed to creating sustainable, long-term growth across its portfolio, supporting management teams in improving operational performance, and investing to support the energy transition with lower-carbon infrastructure. I Squared is a leading investor in transport and logistics and in decarbonisation technologies, with a track record of investing significant capital in companies to support their transition to sustainable modern public utilities.

¹Deutsche Bahn signs agreement to sell Arriva to I Squared

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For further information please contact:

Julien Moity
Senior Communications Manager, Europe
Tel: +44 (0)7918 601617
Email: julien.moity@sc.com

Notes to Editors

For further information on the individual banks, please visit their websites: Standard Chartered, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Santander, Societe Generale, Raiffeisen Bank, Rabobank.