Rethmann takes control of Transdev, a major strategic shift

© Edbert Als – UNSPLASH

– Transdeva notably won the contract to operate the Melbourne tramway, in Australia.

The Transdev group, one of the main players in public transport in France, will go under a private flag after the opening of exclusive negotiations between the German group Rethmann and the Caisse des Dépôts (CDC), for the acquisition of 32% of the capital, those interested announced on Monday. The CDC would retain 34% of the capital of Transdevwhile Rethmann, which owns several companies across the Rhine in water management, recycling, logistics and agri-food, would hold once the operation is validated 66% of company shares.

«Caisse des Dépôts will remain an involved shareholder attentive to the success of Transdev», Assured in the press release the deputy general director of the CDC, Olivier Sichel. It entered the capital of Transdev in 2017. “We will continue the tremendous momentum initiated in 2019, which allowed Transdev to establish itself as a champion of mobility in the world, based in France», For his part, reacted the chairman of the board of directors of Rethmann France, and administrator of the family group, Ludger Rethmann. New majority shareholder committed to retaining current management team.

A third of the activity carried out in France

The general director of the CDC Eric Lombard confided on December 10 his wish to sell part of the stake in Transdev, no longer considering himself “the best majority shareholder» of the company whose activity is currently carried out mainly outside France. Transdev has become the largest private public transport operator in North America, thanks to the acquisition of First Transit in 2023. Only about a third of Transdev’s activity is carried out in France.

This privatization operation must now go through an information and consultation procedure with Transdev staff representative bodies. It is also carried out under the control of the Commission for Participations and Transfers, an independent authority. It should therefore be “carried out during the year 2025”, according to the press release.

Several candidates had approached the Caisse des Dépôts for the repurchase of the shares, but the CDC opted for Rethmann to guarantee “Transdev’s shareholder continuity». «Its attachment to the development of the activity and the maintenance of the head office in France» was also taken into account, according to the press release. The price of the transaction was not communicated. Transdev, which employs more than 100,000 people in 19 countries around the worldmade last year a turnover up significantly to 9.3 billion euros.