EQT acquires A-Train to bolster Arlanda Express fleet and service

EQT Active Core Infrastructure I, backed by EQT Group, has struck a deal to take full ownership of A-Train AB, the concessionaire behind the high-speed Arlanda express shuttle that links central Stockholm and Arlanda Airport. The fund says it will pursue an active, long-term stewardship plan aimed at modernising the service and lifting utilisation across the route that covers Greater Stockholm in around 18 minutes.

The transaction covers 100% of the operating company that runs the dedicated airport rail link under a public–private partnership with the Swedish state, with operating rights running until 2050. The deal remains subject to normal regulatory clearances and an approval from Arlandabanan Infrastructure AB.

Under the new ownership, EQT intends to accelerate a planned SEK 3 billion investment programme to replace the fleet and expand capacity. The fund says the new rolling stock programme — target entry into service by c.2030 — will raise seat availability by more than 50%, reduce lifecycle costs and support a better passenger experience through upgraded interiors and technology.

Operational changes will extend beyond trains. EQT signals it will introduce more flexible pricing structures to improve affordability and make the service more attractive for frequent travellers and occasional passengers alike. Management also plans to deepen commercial ties with airlines, rail partners and travel platforms to capture higher load factors on off-peak services and business corridors.

Industry context strengthens the rationale: European policymakers and passengers are pushing for greener airport access and modal shift from road to rail. Airport rail links have become a focus for infrastructure investors seeking steady, regulated cash flows paired with upgrade-driven value creation. EQT points to its transport track record and portfolio experience with mobility assets across the Nordics and beyond as supportive background for this investment.

Kunal Koya, Partner at EQT Active Core Infrastructure, said the team intends to combine capital investment with operational improvements to increase accessibility and reliability. Gebhard Littich, Managing Director at the fund, added that the acquisition fits an Active Core Infrastructure approach that targets sustainable services serving cities and regions. Magnus Zetterberg, CEO of A-Train, welcomed EQT as a long-term partner and stressed that the operator will keep focusing on punctuality and safety while rolling out the fleet refresh.

For Swedish transport planners and airport operators the transaction signals continued private capital interest in strategically important airport links. If executed as proposed, the investment will likely raise capacity and lower per-seat costs on the route — a potential catalyst for modal shift and for making the Arlanda connection a more competitive alternative to taxis and private cars.