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SNCF to sell its railcar subsidiary Ermewa [free access]

April 26, 2021

Société Nationale des Chemins de Fer Français’s (SNCF’s) board of directors has approved the plan to commence exclusive discussions with a consortium, comprising Caisse de dépôt et placement du Québec (CDPQ) and a fund managed by DWS Group (DWS), for the sale of its railcar subsidiary Ermewa. SNCF is expected to sell Ermewa for EUR3 billion.


The board’s approval was granted after a competitive auction process was completed. The completion of the deal is subject to the approval of the relevant competition authorities, including the European Commission (EC). CDPQ and DWS are expected to hold equal shares in Ermewa after the completion of the transaction. 


In 2020, Ermewa recorded revenues of around EUR489 million. It currently has operations in 80 countries.


(1 EUR [Euro] = 1.21 USD)