Argos Soditic will provide €20m of the €70m investment, and has arranged external financing for the €50m balance. In addition, SNCB, which remains the minority shareholder, will convert into capital a convertible subordinated loan facility of €25m which it had previously provided to SNCB Logistics, resulting in a total capital increase of €95m.

Formed in 2011, SNCB Logistics provides both rail and water-borne freight services. It has 1,900 employees, a fleet of 200 locomotives, 7,000 wagons and transported 5 billion tonne-km in 2014, with a consolidated turnover of €452m and an Ebitda of €11m.

SNCB Logistics intends to continue developing its services, especially single wagonload services - which make up 725 of the 1,875 trains it operates weekly based around its hub at Antwerp, serving 215 locations in Belgium and 564 elsewhere in Europe.