Negotiations for the sale of half of the company have taken place in recent months, with Renfe announcing in March that negotiations are coming to an end. The transaction has now been definitively completed, approved by the Spanish Ministry of Finance.
Renfe buys half of Leo Express, which is licensed for rail transport in three Central European countries, the Czech Republic, Slovakia and Poland. Thanks to the acquisition, Spanish Railways can expand into new markets.
“Leo Express has made progress in negotiations with the Spanish state-owned carrier Renfe, which is interested in joining the company in the form of a 50% stake. The signing of the investment agreement is another step towards the entry of a strategic investor into Leo Express. The terms of the investment agreement are the subject of trade secrets, and therefore Leo Express cannot comment on them in detail, “wrote Emil Sedlařík, a spokesman for Leo Express, for the E15 daily.
–
–
Renfe said in a statement that the acquisition is part of an international expansion effort and represents a strategic business opportunity. Due to the liberalization of the railways, Renfe is trying to expand more abroad and expects that by 2028 it will generate 20 percent of sales abroad.
Leo Express is a private railway and bus carrier, the company was founded in 2010 by businessman Leoš Novotný. In 2019, the group recorded a profit of 150 million crowns. It also showed a positive economy in 2018. Last year, its turnover increased by about a quarter to almost 1.1 billion crowns.
Renfe is one of the largest railway carriers in Europe, carrying over 500 million passengers in 2019. The Spanish company also operates in the United States and Saudi Arabia. They are also involved in the Rail Baltica project, which is to connect Warsaw with Tallinn by 2026.
– .
