LISEA: Ardian Sells Stake to VINCI Concessions and Meridiam
Deal News | Nov 15, 2024 | Ardian
Ardian, a prominent global private investment house, has announced the sale of its 26.24% stake in LISEA, the concession holder for the Sud Europe Atlantique High Speed Line between Tours and Bordeaux, to VINCI Concessions and Meridiam. LISEA, known for being the first private entity to hold a concession for a high-speed rail line in France, has played a pivotal role in transforming the French rail industry landscape, mostly through its contribution to the ecological transition and the opening up of the rail network to private operators. Since its inception in 2017, the railway line under LISEA has transported over 110 million passengers, with revenue reaching €284 million in 2023. LISEA's strategic importance is underscored by the Paris-Bordeaux route being the second busiest in France and the line's connections to major European capitals. Ardian's involvement began in 2009 alongside stakeholders like Vinci and Caisse des Dépôts et Consignations, contributing to a €2.2 billion refinancing in 2018 and the promotion of sustainability initiatives. As the French rail market is open to competition, LISEA is at a crucial development juncture, offering opportunities for new operators. Ardian, expressing confidence in LISEA’s growth, concludes its involvement with a significant €7.7 billion project, marking an influential phase in the advancement of private rail in France.
Sectors
- Infrastructure
- Private Equity
- Transportation
Geography
- France – The primary focus of the article is on the French high-speed rail line managed by LISEA.
- Europe – The article mentions connections to European capitals like London, Brussels, and Amsterdam, denoting a wider geographical impact.
Industry
- Infrastructure – The article focuses on high-speed rail infrastructure managed by LISEA, a major component of the French rail system.
- Private Equity – Involves Ardian, a private investment house, selling its stake, highlighting the role of private equity in infrastructure investments.
- Transportation – Relates to the management and operational aspects of LISEA in the high-speed rail sector.
Financials
- 284 million – LISEA's revenue in 2023.
- 2.2 billion – Amount involved in the refinancing led by Ardian in 2018.
- 7.7 billion – Total value of the multi-year project overseen by Ardian.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| LISEA | Target Company | Company | Concession holder for the Sud Europe Atlantique High-Speed Line between Tours and Bordeaux. |
| Ardian | Selling Company | Company | A global private investment house selling its stake in LISEA. |
| Vinci Concessions | Buyer | Company | Acquirer of Ardian's stake in LISEA. |
| Meridiam | Buyer | Company | Acquirer of Ardian's stake in LISEA. |
| Caisse des Dépôts et Consignations | Selling Company | Company | Co-seller with Ardian of a stake in LISEA. |
| SNCF Réseau | Relevant Stakeholder | Company | Originator of the initial tender for LISEA, formerly Réseaux Ferré de France. |