UK-based National Express Group has completed the £72.6m sale of its c2c franchise to Trenitalia, the passenger rail transportation company of FS Italiane Group.

Trenitalia completed the acquisition after receiving final approval from the UK Department for Transport (DfT) and will now assume immediate responsibility for operations.

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In addition, FS Italiane paid £35m to settle an existing intercompany liability due from the franchise at the date of sale.

National Express Group CEO Dean Finch said: “I am pleased we have closed this deal and thank all those involved in making it possible.

“This sale provides National Express with the opportunity to invest further in our strong pipeline of growth opportunities in markets where we consistently receive strong returns.”

Under the deal, c2c’s franchise will continue to run until November 2029 and will benefit from Trenitalia’s technology such as advanced ticketing.

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“This sale provides National Express with the opportunity to invest further in our strong pipeline of growth opportunities in markets where we consistently receive strong returns.”

Trenitalia CEO Barbara Morgante said: “I am pleased that we have been able to conclude this acquisition so rapidly, and we can now immediately start to concentrate on the day-to-day business of c2c.

“Under the leadership of Julian Drury, we will continue to focus on delivering the outstanding service that helped make c2c the best performing operator in the UK and we will collaborate with the management to introduce further improvements.

c2c operates services between Fenchurch Street and Shoeburyness, serving 26 stations in east London and South Essex.

Last month, Trenitalia announced its participation in a joint venture with FirstGroup to bid for the East Midlands and West Coast Partnership rail franchise, which will include the HS2 line.

Image: National Express sells UK’s c2c franchise to Trenitalia. Photo: courtesy of National Express Group Plc.