FS Logistix takes 30% stake in Italy’s second freight operator
ITALY: Italy’s dominant rail freight operator FS Logistix has signed a contract to acquire a 30% minority stake in Compagnia Ferroviaria Italiana (CFI), pending regulatory approval.
The deal, signed 22 April between FS Logistix, infrastructure fund F2i, and F2i’s subsidiary FHP Group, gives Italy’s largest rail freight operator — with 38.8% of the contracted market — a minority position in CFI, which holds 10.7%.
CFI profile: bulk freight and port terminals
CFI operates as a rail traction company with a focus on bulk cargo — goods that travel outside containers — serving Italy’s main industrial supply chains.
FHP Group, which controls CFI, manages 10 port terminals and four inland terminals along the Italian peninsula, running more than 50 locomotives and over 1,000 freight wagons across more than 6 million kilometres annually. CFI and fellow operator Lotras were integrated under FHP Group during 2025.
Ownership and market structure
The transaction is structured between FS Logistix, F2i — Italy’s largest infrastructure fund — and FHP Group, which F2i controls. CFI remains under FHP Group’s operational control after the deal closes.
Combined, FS Logistix and CFI account for just under 50% of Italy’s contracted rail freight market by scheduled train volume, based on 2025 data from infrastructure manager RFI. A further 2.7% sits with Tx Logistix, another FS Group subsidiary.
The contract was signed 22 April. Closing is conditional on approval from the relevant regulatory authorities. No financial terms have been disclosed.