Transdev’s ownership to shift towards private capital, with Rethmann group to become major shareholder

Transdev has announced that public financial institution Caisse des Dépôts and the German-based Rethmann group have entered into exclusive negotiations: “Caisse des Dépôts has accepted the Rethmann France group’s offer to acquire an additional 32% stake in the capital of Transdev and become its majority shareholder“, Transdev states.

This operation would see Rethmann France becoming majority shareholder, with 66% of the capital, alongside Caisse des Dépôts, state-owned French financial institution investing in public assets, who would retain 34% of the capital. The planned transaction would then be completed during 2025.

Rethmann group to own majority of Transdev

Rethmann is parent company of Remondis, focusing on recycling and water management, the logistic player Rhenus and Saria, focusing on processing of animal by-products and organic waste). It owns a stake of Transdev since 2019. The Germa group generated sales of around 25 billion euros in 2024, while Rethmann in France generated over 1,1 billion euros turnover in 2023.

The proposed transaction would take place at the end of an open process that enabled Caisse des Dépôts to select the Rethmann group on the basis of four criteria, here highlighted by Transdev in a press note: “Its ability to provide long-term financial and operational support for Transdev’s growth in all countries where the group operates; its commitment to Transdev group’s development strategy, particularly in terms of social and environmental responsibility; its compatibility with the values and objectives of Caisse des Dépôts and its adherence to the governance principles of the proposed transaction; its commitment to business development and to maintaining its head office in France”. 

“We are proud to strengthen our trusted partnership with Caisse des Dépôts,” comments Ludger Rethmann, Board member of the family-owned Rethmann Group and Chairman of the Board of Rethmann France SAS. “Together, we will continue the tremendous momentum initiated in 2019, which has enabled Transdev to establish itself as a champion of mobility worldwide, based in France. Transdev will be able to rely on this solid, long-term shareholder structure to meet the challenges of customer satisfaction, employer attractiveness and decarbonization.” 

“Caisse des Dépôts, a majority shareholder since 2017, has ensured a decisive role in the creation and development of the Transdev group, a French group and world leader in public transport,” says Olivier Sichel, Deputy Chief Executive Officer of Caisse des Dépôts. “Caisse des Dépôts will remain an involved shareholder attentive to the success of Transdev, a major player in sustainable mobility, in order to support its development in all territories.” 

“Reinforcing the Rethmann Group’s stake in Transdev, alongside Caisse des Dépôts, would be a tremendous opportunity,” says Thierry Mallet, Chairman and CEO of Transdev. “The long-term commitment and stability that would result are key success factors in our businesses. Our customers all over the world will be able to count on our commitment and our ability to provide them with the most appropriate solutions, drawn from our experience and global know-how.”