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Advising lenders on financing Italo’s German investment and refinancing in Italy

Advising lenders on financing Italo’s German investment and refinancing in Italy
Published Date
Oct 30, 2026
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A&O Shearman has advised debt providers on a financing for Italian high-speed rail operator Italo Holding (Italo). 

With a total investment of approximately EUR3.6 billion, the transaction represents one of the most significant private investments in European passenger high-speed rail. The financing will support Italo‘s planned entry into the German market, introducing new competition to one of Europe’s largest rail markets, with services scheduled to commence on two main German corridors by mid-2028. 

Italo will purchase an initial fleet of 26 high-speed long-distance passenger trains from Siemens Mobility, to be built at Siemens’ Krefeld plant, with an option for a further 14 train sets. Siemens will also provide long-term maintenance. 

“Bringing together our debt finance, tax and regulatory expertise across Frankfurt, London and Milan, we were able to support CACIB and UniCredit as underwriters on this complex, multi-jurisdictional financing which is testimony to the attractiveness of the German high-speed passenger rail market. We are pleased to have advised on both of Italo's recent financings and to have contributed to its expansion beyond Italy.”

In June 2026, A&O Shearman also advised the debt finance providers in connection with the establishment of a new senior secured debt platform allowing for further growth of Italo’s successful rail operations in Italy. The transaction refinanced the group’s existing debt and provided funding for new fleet assets. 

Together, the two transactions highlight the vital role of financing in enabling major rail infrastructure investments and supporting the expansion of passenger transport networks across Europe and underpin A&O Shearman’s leading role in European private rail investment financings. 

“We are delighted to have advised the debt finance providers on both of Italo's landmark financings this year. The refinancing in June put Italo's successful Italian business on a strong platform for further growth, whilst the financing for its German operations will bring a new high-speed competitor and a modern Siemens fleet to the German market. These transactions demonstrate that high speed rail is one of Europe's most attractive infrastructure sectors, and long-term private investment in fleets and services will continue to play a key role in driving expansion and competition.”

The team for the German financing was co-led by partners Wolfgang Melzer (Frankfurt, Debt Finance) and Ed Moser (London, Energy, Natural Resources and Infrastructure (ENRI)) and further comprised partners Diego Esposito(Debt Finance, Milan), Dr. Heike Weber (Tax) and Dr. Udo Herbert Olgemöller (Environmental and Sanctions, both Frankfurt), counsel Rhusub Bidd (London, ENRI), senior associates Dr. Tobias Wintermantel and Tom Haeseler as well as associates Lasse Kaiser (all Frankfurt, Debt Finance) and Clement Moylan and Natasha Kenber (both London, ENRI). 

The team for the Italian financing was co-led by partners Ed Moser and Tim Conduit (both London, ENRI), together with partners, Pietro Scarfone (Milan, Debt Finance) and Parya Badie (London, Derivatives and Structured Finance), counsels Elia Fernando Clarizia (Milan, Tax), Sarah Capella (Rome, Global Financial Markets (GFM)), Rhushub Bidd (London, ENRI) and Robert Simmons (London, Derivatives and Structured Finance), senior associate Edoardo Brugnoli (Rome, GFM) and associates Clement Moylan (London, ENRI), Alessia Cellucci (Milan, Debt Finance) and Natasha Kenber (London, ENRI). 

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