Potential buyers are gathering to snap up the UK government’s 40% stake in Eurostar.
The sale, announced in October, is part of a £20bn privatisation push which should help in reducing the country’s debt. The sale of the high-speed rail operator could raise as much as £500m for the Treasury.
Buyers are now entering the latest stage, the due diligence process, of an auction to get hold of the stake.
Singapore’s sovereign wealth fund GIC, China’s Investment Corporation (CIC) and French life insurance fund Predica are believed to have joined forces with UK private equity firm 3i to capture the 40% stake.
France’s SNCF will remain the majority shareholder but has decided not to bid for more.
The UK government believes an agreement will be reached early in 2015.
Eurostar celebrated its 20th anniversary in November and also unveiled a new train which can travel at up to 200mph.
