Monday June 3, 2024: Arriva Group (“Arriva”), a leading provider of passenger transport across Europe, is pleased to announce the completion of its acquisition by I Squared Capital (“I Squared”), a leading independent global infrastructure investment manager. The acquisition, first announced in October 2023, encompasses all of Arriva’s businesses across 11 countries.

Mike Cooper, Arriva Group CEO, welcomed the news and said: “Closing this transaction marks an important milestone and an exciting new chapter for Arriva. It is an opportunity for Arriva to recommit to working alongside passenger transport authorities to deliver essential transport links and build a more sustainable future for our colleagues, customers and the communities we serve.  With the backing of I Squared, an independent and highly reputable infrastructure investor, I am confident that we will deliver on that commitment for the benefit of the millions that Arriva serves”.

Mohamed El Gazzar, Senior Partner at I Squared, said: “Passenger transport plays a vital role in society, connecting communities and facilitating economic growth, while reducing carbon emissions and congestion. Arriva plans to be at the heart of this agenda, working alongside its transport authorities and clients. Arriva’s ambition for the decarbonisation of its fleets also aligns with I Squared’s strategy to develop and scale assets with technologies that accelerate the energy transition.”

Enrico Del Prete, Fund Partner at I Squared, added: “Decarbonising public transport is one of the next big challenges in the energy transition and we are excited to work with Arriva to provide the support and investment that will help the company achieve its vision of cleaner cities and greener public transport networks. We see genuine growth potential that can be unlocked at Arriva over the long-term. We are excited for what comes next and look forward to working with the whole Arriva team as we capitalise on the opportunities in the sector together.”

Arriva Group and its operating companies have all transferred to I Squared as part of the deal, ensuring continuity of services across Arriva’s footprint, and reassurance for employees who will continue to serve communities without any changes to their employment conditions.

I Squared has extensive experience in providing essential infrastructure, including transport, logistics, energy, utilities, and digital infrastructure around the world. The company is a leading investor in transport and logistics and in decarbonisation technologies, with a track record of investing significant capital to create sustainable, long-term growth across its portfolio, supporting management teams in improving operational performance, and investing to support the energy transition.

About Arriva Group

Arriva is a leading provider of passenger transport across Europe, employing around 34,400 people and delivering around 1.6 billion passenger journeys. With buses, trains, coaches, trams, waterbuses, bike-sharing systems, on-demand transport solutions and a rolling stock leasing company, Arriva proudly connects people and communities safely, reliably and sustainably across 11 countries, delivering these services in a better way, every day. The activities of Arriva are divided into four business units: UK Bus, UK Trains, The Netherlands and Mainland Europe. Arriva has passenger transport operations in the Czech Republic, Croatia, Hungary, Italy, the Netherlands, Poland, Slovakia, Slovenia, Spain and the United Kingdom, and also operates a rolling stock leasing company in Romania.  www.arrivagroup.com

About I Squared Capital

I Squared is a leading independent global infrastructure investor with over $38 billion in assets under management. It is known for the development of investment platforms in infrastructure projects where it starts small and grows big. I Squared uses global insights and deep local intelligence to solve complex problems, foster smarter businesses, serve local communities, and invest in a more sustainable future to provide essential services to millions of people around the world. I Squared is made up of a team of over 260 people, headquartered in Miami with offices in London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. It operates a diverse portfolio of 82 companies in 71 countries with over 66,000 employees in a variety of sectors including utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure. You can find out more by visiting: www.isquaredcapital.com