French construction group Eiffage announced on Wednesday that it had concluded an agreement to buy €1.2bn worth of shares in Channel Tunnel operator Getlink. The deal brings Eiffage’s holding up to 18.79% of Getlink’s equity.
The company commented that the purchase was part of its strategy to “diversify its portfolio of concessions in its target territories” by “strengthening its stake in a key player in the decarbonisation of transport in Europe”.
That portfolio already includes the high-speed rail line between Brittany and the Loire valley, which it also built.
Eiffage, which first began buying Getlink shares in 2018, said it intends to be a long-term investor and reserves the right to continue to buy more shares depending on market conditions.
The investment was financed from its cash reserves and is not subject to any conditions.
In July, the company bought controlling stakes in two Dutch specialist engineers (see further reading).
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