Certares' O'Hara Bets €300 Million on European High-Speed Rail
Certares founder Greg O'Hara, ahead of the Skift Global Forum, detailed his roughly €300 million investment in Trenitalia France. The company ordered 19 high-speed trains from Hitachi in August, ten of them for a Paris–London service targeted for 2029. O'Hara argues that whoever delivers rolling stock first should secure the three required approvals — French, tunnel and British — first. The investment came from Certares' current fund with co-investment, drawing strong interest from European family offices and institutions.
Impact and considerations
The deal signals accelerating private-equity entry into European high-speed rail operations, potentially reshaping competition on Channel Tunnel routes and affecting business travellers' options between Paris, London and other European city pairs.
Key points
- Since founding Certares in 2012, O'Hara has invested in travel agencies, cruise lines, car rental and airlines; this is its first major move into rail operations.
- Trenitalia France ordered 19 high-speed trains from Hitachi in August, ten of them for a Paris–London service targeted for 2029.
- O'Hara said the investment is about €300 million, made from Certares' current fund with co-investment and strong demand from European family offices and institutions.
- The Paris–London route requires French, tunnel and British approvals; O'Hara believes whoever delivers rolling stock first will secure approvals first.
- Virgin won the London Temple Mills maintenance depot but publicly has no train order; Trenitalia France secured a depot at Maisons-Alfort in Paris.
- O'Hara cited France's law removing short flights on routes where rail takes under 2.5 hours and framed electric trains as an ESG play.
- Certares is eyeing high-density city pairs elsewhere, including the newly announced Doha–Riyadh high-speed link that may need an operator.
Sources and time
- Primary source
- Skift
- Other sources
- 0
- First source publication
- 16 Sept 2026, 20:00
- Page published
- 16 Sept 2026, 20:04
- Last updated
- 16 Sept 2026, 20:00
- Original links
- Skift Feed：Skift Global Forum Preview: Certares' Greg O'Hara on Why He's Betting €300 Million on Trains (opens in a new tab)Primary source · en · Published 16 Sept 2026, 20:00