CDPQ completes acquisition of leasing company Akiem

Client successes

Canadian pension and insurance investor CDPQ has completed the acquisition of locomotive leasing company Akiem from SNCF Group and DWS.

On August 1st, 2022, Akiem’s shareholders - French state railway group SNCF and DWS - have agreed to enter into exclusive negotiations with CDPQ, one of Canada’s largest pension funds, on the sale of 100% of Akiem, a leading provider of freight locomotive leasing services in France and Europe.

This transaction, finalised on December 9th, 2022, represents a significant milestone in the deleveraging programme of SNCF. It is also an important step for CDPQ to continue its development in the European rail market which offers a sustainable response to the challenges of decarbonising transport.

Crédit Agricole CIB acted as sole M&A buy-side advisor to CDPQ for the acquisition of 100% Akiem, supporting CDPQ in every steps of a highly competitive process and leveraging on its historical proximity with the company and its shareholders, notably following Crédit Agricole CIB advisory role for the sale of 50% of Akiem to DWS by SNCF in 2016 and the support of the Bank to Akiem’s development over the years. This mandate is also the second M&A transaction with CDPQ in the transportation industry in the last 12 months, following the successful acquisition of Ermewa last year.

About Akiem

Akiem is a European leader in locomotive leasing and maintenance. The company has the largest fleet in Continental Europe, with c. 600 locomotives and 46 passenger trains, of which 75% are electric. Headquartered in France with seven international offices, Akiem provides local expertise to over 80 customers in 21 countries. In 2021, Akiem generated revenues of c. €220 million with an EBITDA of c.€150 million.

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