The adventure of Lineas as a (partially) private operator lasted a little over 10 years. The European Commission has approved “the acquisition of sole control” of the company by Société fédérale de participations et d’investissement (SFPIM), Belgium sovereign wealth fund. The timeline and value of the acquisition are not yet known.
It all started in 2015, when Belgian national railway holding SNCB sold 69% of the shares of its logistics arm to Argos Wityu, a European investment fund. Another 21% was added in 2019. Two years later, SNCB’s remaining 10% was acquired by SFPIM, which increased its stake to 45% in 2024 and will now take full ownership.
A tough decade
Throughout these years, and especially since the COVID-19 pandemic, Lineas has been struggling financially with losses and debts piling up. Over the last year or so, the Belgian government has approved two injections of 61 and 60 million euros to save Lineas from the abyss of bankruptcy.
Ironically enough, it was Lineas who denounced the situation regarding illegal state aid to France and Germany’s national rail freight operators. As a consequence, both companies are undergoing massive restructurings. Now, Lineas finds itself in a similar spot, as it is back into the state’s hands and heavily dependent on public support.