Italy’s state rail operator Ferrovie dello Stato (FS) has announced a major expansion of its French subsidiary, Trenitalia France, through a billion-dollar joint venture with US private equity fund Certares. The partnership aims to accelerate Trenitalia’s growth and strengthen its presence in France, the United Kingdom and key cross-border rail markets.
Under the agreement, Trenitalia France plans to expand its fleet to at least 19 high-speed trains, open a new maintenance facility outside Paris, and significantly increase capacity on existing routes. Services on the core Paris–Lyon route are set to rise from nine to 14 daily round trips.
Looking ahead, Trenitalia France intends to enter direct competition with Eurostar on the Paris–London route by 2029 and has outlined plans to invest around €1 billion in its UK and French operations. The operator is also considering launching services on the Paris–Brussels corridor, signalling broader ambitions in Europe’s increasingly competitive high-speed rail market.
FS has been competing with France’s state-owned SNCF for four years on routes linking Paris with Lyon, Marseille and Milan, although these services have yet to turn a profit. Despite this, the group is pressing ahead as cross-border rail demand continues to grow.
The partnership with Certares is also expected to enhance ticket distribution and customer reach, leveraging Certares’ travel and tourism portfolio, which includes corporate and leisure travel agencies such as CWT, Ovation, Egencia, Havas Voyages and Selectour. In the near term, Trenitalia France says its priority will be consolidating its customer base and improving load factors across its high-speed services in France.