The Finnish VR Group has completed the acquisition of MTR Nordic’s Swedish subsidiary, MTR Express (Sweden) AB, together with its commercial long-distance traffic operations MTRX. The acquisition process started last February and has been cleared by all competition authorities.
The integration of MTRX into the long-distance operations will start immediately. The public operator estimates that trains on the Stockholm-Gothenburg route will operate under the VR brand from autumn onwards.
According to the Finnish company, both the commercial long-distance traffic market and the modal share of rail passenger transport in Sweden is about twice as large as in Finland, making VR’s presence in the neighbouring country a great opportunity for expansion.
Elisa Markula, CEO of VR, believes that this acquisition will enable profitable growth in a competitive market where customer experience is a competitive advantage.
In addition, the acquisition will provide VR with rail operating experience in a competitive market, which is valuable in the face of increasing rail competition in Finland.
MTRX, one of the MTR group’s rail activities in Sweden
MTRX has been operating commercial trains between Stockholm and Gothenburg since 2015. The company operates six Stadler FLIRT 200 trains, running 126 services per week. MTRX’s revenue in 2022 was approximately MSEK 350 (approximately EUR 30.4 million).
Until now, MTR Express was owned by MTR Nordic, a subsidiary of MTR Corporation UK, which in turn is a subsidiary of Hong Kong’s MTR Corporation. The conglomerate has a multi-country presence, providing public transport services in Asia, Europe and Oceania.
In Sweden, it is responsible for the operation, planning and maintenance of the Stockholm metro, including its rolling stock. In addition, it was the operator of the Pendeltåg commuter rail network in the capital until March 2024.
