Certares Bets €300M on European High-Speed Rail
Certares founder GregO'Hara invests roughly €300 million in Trenitalia France, targeting a Paris-London route by 2029 and competing for the Channel Tunnel.
Stock photo for illustration only, not from the actual event
- Certares invests roughly €300 million for a minority stake in Trenitalia France
- Plans to launch a Paris-London service by 2029 using Hitachi and Alstom rolling stock
- Leverages strong distribution networks to boost passenger volume and maximize efficiency
- Eyes further high-density corridors globally, including a proposed Doha-Riyadh link
Greg O'Hara, founder of Certares and a seasoned investor across travel agencies, car rentals, tour operators, and airlines, is expanding his portfolio into European high-speed rail. He is committing approximately €300 million to acquire a minority stake in Trenitalia France, partnering alongside the Italian state railway parent company FS.
This major push into high-speed rail comes amid an overwhelming wave of interest from various institutional investors and family offices. O'Hara noted that the investment is being drawn from the firm's current fund, supported by substantial co-investment demand from European investors that significantly exceeded expectations.
Explaining the appeal of the train operator, O'Hara pointed out that Trenitalia is widely regarded as one of the best operators and offers a rare chance to partner with a state-owned enterprise. Furthermore, as a top customer of rolling stock giants Alstom and Hitachi, the company secures privileged access to equipment, which Certares plans to pair with its extensive distribution network—including Marietton and Voyageurs du Monde in France and AmexGBT globally—to increase passenger volumes.
Stock photo for illustration only, not from the actual event
Trenitalia France has ordered a total of 19 high-speed trains, with 10 specifically earmarked for a planned Paris-London service targeted for 2029. This puts O'Hara in a high-stakes cross-Channel race against Virgin to connect the UK and continental Europe.
"O'Hara's bet: whoever delivers trains first gets approvals first."
Greg O'Hara
O'Hara frames the Channel Tunnel contest as a race where securing rolling stock delivery precedes all else. Whoever manages to deliver their trains first will likely secure regulatory approvals from French, tunnel, and British authorities first. Beyond Europe, he also signals keen interest in other high-density city pairs worldwide, including a proposed Doha–Riyadh high-speed rail link.
Certares' strategic venture into rail highlights a broader shift toward sustainable transportation assets in Europe. By capitalizing on France's regulatory restrictions on short-haul flights where rail alternatives exist, high-speed rail presents a rare profitable ESG investment opportunity backed by reliable state partnership and strong rolling stock supply chains.
Source: Skift
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