CDPQ completes acquisition of leasing company Akiem

On August 1^st, 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.

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.