Passenger transport provider Arriva has announced the completion of its acquisition by infrastructure investment manager, I Squared.

The acquisition was first announced in October 2023 and will encompass all of Arriva’s businesses across 11 countries.

As part of the deal Arriva’s operating companies, footprint and 34,400 employees have all transferred to I Squared.

Arriva underlined that employees will continue to serve communities without any changes to their employment conditions.

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 explained that Arriva plans to be at the heart of connecting communities and facilitating economic growth, while at the same time reducing carbon emissions and congestion.

“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,” said Mohamed.  

Funding partner at I Squared, Enrico Del Prete highlighted the importance of decarbonising public transport, branding it as one of the next big challenges in energy transition.

“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,” added Enrico.

I Squared has significant experience providing essential infrastructure, including transport, logistics, energy, utilities, and digital infrastructure around the world.