Eurostar International Limited
When trans-channel Eurostar services began on 14 November 1994, they were operated as a joint venture by SNCF, NMBS/SNCB, and European Passenger Services (EPS), a subsidiary of British Rail.
In 1996, the privatisation of British Rail saw ownership of EPS transferred to London and Continental Railways (LCR), a private consortium which had won the contract to build and operate the Channel Tunnel Rail Link (later known as High Speed 1). LCR renamed EPS as Eurostar (UK) Limited, and intended to use Eurostar revenue to help finance the construction of the rail link. However, patronage underperformed expectations, and LCR required bailouts which brought it under the control of the British Government.
In 2010, Eurostar (UK) Limited was renamed Eurostar International Limited (EIL), and agreement was reached between the three national Eurostar operators to combine trans-channel Eurostar operations under it. Once all Eurostar assets were transferred to EIL, the holdings in the company were amended to SNCF (55%), LCR (40%), and NMBS/SNCB (5%).
In 2014, the British Government transferred LCR's 40% stake in EIL to HM Treasury to enable its sale. The following year, the shareholding was sold to the Caisse de dépôt et placement du Québec (CDPQ) (30%) and Hermes Infrastructure (10%) for £760m.
