MSC will pay €53m for CP Carga, including €2m for its shares and €51m for "the acquisition of loans and capital commitments." CP will transfer a number of locomotives with a total asset value of €110m to CP Carga ownership as part of the transaction to help improve the company's financial position. MSC says it plans to make CP Carga the leading freight operator on the Iberian Peninsula.

Earlier this month MSC was shortlisted for the privatisation alongside Portugal's Atena Equity Partners and Cofihold. At the same time the government shortlisted Alstom and Bavaria industries Group, Germany for the final round of negotiations for the sale of EMEF.

However, the government has now decided to cancel the privatisation of EMEF following the launch of an investigation into the possible use of illegal state aid after a complaint from Bombardier.