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National Express shares rise after German rail deal signed

Published 01/23/2023, 04:55 AM
Updated 01/23/2023, 05:09 AM
© Reuters.
MCG
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By Scott Kanowsky 

Investing.com -- London-listed shares in National Express Group (LON:NEX) rose by more than 5% on Monday after the transport company announced that it had won a contract worth €1 billion (€1 = $1.0919) to operate two railway lines in Germany until 2033.

As a result of the deal, the British firm will take over the operation of the RE1 and RE11 Rhein-Ruhr-Express lines. It has been running the two lines since it took over their operation in February 2022 through an emergency contract.

The agreement also puts Birmingham-based National Express in charge of the operation of three of the RRX lines under long-term contracts.

National Express added that the contract also makes it the second-largest rail transport company in the region, "delivering an anticipated 20 million train kilometres in 2023."

"Alongside our Rhine Munster Express operation, this allows us to unlock operational synergies, and cements our position as the trusted operator in the region," the company said in a statement.

 

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