EQT acquires A-Train, the operator of Arlanda Express

Recent work|December 22, 2025

Roschier advised EQT Active Core Infrastructure I (“EQT“) on its acquisition of A-Train, the operator of the Arlanda Express, a high-speed rail link connecting Stockholm with Arlanda Airport, from its current shareholders.

Arlanda Express is Sweden’s flagship high-speed airport rail service, connecting Greater Stockholm – home to approximately 2.5 million people – with Arlanda Airport in just 18 minutes. A-Train operates under a public-private partnership (PPP) concession with the Swedish state, granting long-term rights to use the rail link between Stockholm and Arlanda Airport and operate the shuttle service Arlanda Express until 2050.

The transaction is conditional upon customary regulatory approvals as well as the approval from Arlandabanan Infrastructure AB.

Roschier’s core advisory team comprised Björn Winström, Emelie Zellmer, Emil Samuelsson, Gustaf Zakrisson, Alexander Paulson, Thea Skaili, Linnéa Ceréus and Sofia Andersson.