The Eiffage group announced on Wednesday that it had risen to 18.79% of the capital of Getlink, the operator of the English Channel Tunnel, becoming its largest shareholder ahead of the Italian Atlantia. Eiffage, which already owned 5.08% of Getlink shares, has completed the purchase of an additional 13.71% for 1,194 million euros from the TCI fund, as reported in a press release.
“Eiffage supports Getlink’s current strategy,” stressed the French group. A shareholder of the former Eurotunnel group since 2018, he says that “he intends to be a long-term investor” and “reserves the possibility of continuing his purchases depending on market conditions.” “However, Eiffage indicates that it does not plan to present a public offer on the balance of the capital”, he has insisted.
Diversification
This operation is part of Eiffage’s strategy to diversify its concession portfolio. Already based on numerous transport infrastructure concessions or partnership contracts, Eiffage extends, through this acquisition, the duration of its portfolio while reinforcing its participation in a key player in the decarbonisation of transport in Europe”, according to the press release.
Eiffage, which owns numerous motorway concessions, is also the concessionaire for the Le Mans-Rennes high-speed line. Hard hit by Brexit and the pandemic, Getlink is in full recovery, keeping pace with the return of cross-Channel passengers. The company has also found a new source of revenue with ElecLink, a gigawatt-capacity power cable in the tunnel between France and England, connected at the end of May.
The Italian motorway and airport group Atlantia, the subject of a takeover bid launched by the Benetton family, has been Getlink’s largest shareholder since spring 2018, with around 16% of the capital.
Source: BFM TV
