Trenitalia France has taken another step in its growth strategy. The subsidiary of the Italian rail group FS has announced that the investment fund Certares in its capital, as part of a partnership designed to support its development in the French and British markets. The transaction represents an investment of €300 million, intended to support the operator's long-term projects.
Summary
A financial partnership to accelerate growth
According to information provided by the parties, the agreement provides for the creation of a joint structure to support Trenitalia's international expansion. This partnership is part of a comprehensive investment plan that could reach one billion euros in France and the United Kingdom, including the development of new operational capacities and the study of future cross-border connections.
Trenitalia indicates that this alliance aims to sustainably strengthen its position on the French high-speed rail market, while preparing growth opportunities in the United Kingdom, particularly in the context of the gradual opening of the market.
A gradual increase in power in France
Present in France since 2021, Trenitalia currently operates high-speed rail services between Paris, Lyon, Marseille, and Milan. Certares' investment is intended to support a new phase of development, including fleet expansion, increased service frequency on existing routes, and the creation of industrial infrastructure, notably a maintenance facility in the Paris region.
The FS group emphasizes that these investments will be accompanied by recruitment to support the operation and maintenance of trains, thus consolidating Trenitalia's foothold in the French market.
Certares, a player firmly rooted in the tourism ecosystem
Founded in 2012, Certares is an investment fund specializing in the travel, tourism and services sectors. It holds stakes in several distribution and business and leisure travel groups, including American Express Global Business Travel, Internova Travel Group, Voyageurs du Monde and Marietton Développement.
According to the trade press, the partnership aims to foster commercial synergies, particularly in distribution, without announcing any exclusive agreements or sales obligations at this stage. Trenitalia and Certares describe a gradual cooperation focused on developing the service offering and increasing its visibility among leisure and business travelers.
European ambitions, subject to regulatory conditions
Among the prospects discussed is the study of future international connections, including long-term cross-Channel projects. Trenitalia specifies, however, that these ambitions remain contingent on regulatory frameworks, infrastructure capacity, and the necessary permits. No operational timetable has been officially established at this stage.
This caution is part of a context of strong rail competition in Europe, where the opening of markets is accompanied by significant technical, industrial and regulatory constraints.
Key takeaways
Certares has acquired a €300 million stake in Trenitalia France. The partnership aims to support an investment plan of up to €1 billion in France and the UK. Trenitalia intends to strengthen its presence in the French market and explore new cross-border opportunities. Cross-Channel ambitions are discussed as a long-term goal and remain at the planning stage.
Updates
Article updated on December 30, 2025, following official announcements from Trenitalia and Certares.
Sources
https://www.voyages-d-affaires.com/trenitalia-france-developpement-certares
https://www.trenitalia.com/
https://www.certares.com/
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