FS and Certares agree joint venture around Trenitalia France

The FS group and Certares have agreed a strategic partnership that provides for a joint venture and an investment in Trenitalia France and is meant to support a EUR 1 billion investment plan in France and the United Kingdom; the report names no transaction value. Trenitalia France, which serves Paris–Lyon, Paris–Marseille and Paris–Milan and has carried more than 4.7 million passengers so far, plans to expand its fleet to at least 19 trains, develop a new maintenance centre near Paris, offer up to 28 trips a day to Lyon and start Paris–London services by 2029. Hundreds of new jobs are planned; Certares, which is active in travel distribution through its holdings, brokers sales agreements with its portfolio companies. (LOK Report, 29 Dec 2025; second source: FS Italiane, 29 Dec 2025)