Getlink

Getlink S.E., formerly Groupe Eurotunnel, is a European public company based in Paris that manages and operates the infrastructure of the Channel Tunnel between France and the United Kingdom, operates the LeShuttle railway service, and earns revenue on other trains that operate through the tunnel (Eurostar passenger and DB Schenker freight).

Groupe Eurotunnel was established on 13 August 1986 to finance, build, and operate the Channel Tunnel under a concession granted by the French and British governments. The tunnel was constructed between 1988 and 1994 by TransManche Link (TML) under a contract issued by Groupe Eurotunnel; construction costs would overrun considerably, from TML's original estimate of £4.7 billion to the final cost of £9.5 billion. On 6 May 1994, the completed tunnel was officially opened. Its rail infrastructure comprises 50.45 kilometres (31.35 miles) of double track railway in the main tunnels, plus extensive surface-level terminal facilities at Folkestone in England and Calais in France. The rail network for operation of the Eurotunnel Shuttle train services is entirely self-contained, with connections near the two terminals to the respective national railway networks. Signalling and electric traction supply are also under Getlink control.

In 1995, a loss of £925 million was reported by Groupe Eurotunnel; this was partly due to many of the planned services to use the tunnel not yet being permitted. On 2 August 2006, following failed debt restructuring plans, Groupe Eurotunnel was placed into bankruptcy protection; a restructuring plan that involved a £2.8 billion funding arrangement and a debt-for-equity swap was approved by shareholders in May 2007. That same year, it reported a net profit of €1 million, the company's first profitable year. In December 2009, Groupe Eurotunnel and SNCF acquired the French rail freight operator Veolia Cargo, gaining multiple subsidiaries in the process. In June 2010, the company acquired British rail freight company First GBRf for £31 million from FirstGroup. In 2012, Groupe Eurotunnel acquired three Channel ferries formerly belonging to the liquidated SeaFrance ferry service, establishing MyFerryLink to operate them, although this was discontinued due to monopoly allegations after a brief period. On 20 November 2017, Groupe Eurotunnel changed its name to Getlink. In March 2018, the Italian holding company Atlantia acquired the 15.49% stake of Goldman Sachs in Getlink, for roughly €1 billion.

Getlink's origins can be traced to the formation of Groupe Eurotunnel on 13 August 1986; it was established in accordance with the Concession Agreement of 1986 between the governments of France and the United Kingdom with the goal of financing, building and operation of a tunnel between England and France. Groupe Eurotunnel awarded a contract for the tunnel's construction to the bi-national project organisation TransManche Link (TML). Furthermore, the company employed Maître d'Œuvre to act as a supervisory engineering body under the terms of the concession that monitored and reported on the project.

While TML designed and built the tunnel, financing was handled by Groupe Eurotunnel; however, the British and French governments controlled final engineering and safety decisions, later formalised through the Channel Tunnel Safety Authority. The British and French governments gave Eurotunnel a 55-year operating concession, originally running from 1987; this was extended by 10 years to 65 years in 1993. Private funding for such a complex infrastructure project was of unprecedented scale. An initial equity of £45 million was raised, then increased by £206 million private institutional placement, £770 million was raised in a public share offer that included press and television advertisements, a syndicated bank loan and letter of credit arranged £5 billion. The final cost for the tunnel's construction came to around £9.5 billion, roughly double TML's original estimate of £4.7 billion. This overrun has been attributed, in part, as a response to enhanced safety, security, and environmental demands. Financing costs were 140% higher than forecast.

Construction of the tunnel took place between 1988 and 1994; at the peak of construction activity, roughly 15,000 people were employed while in excess of £3 million was being expended each day. On 6 May 1994, the completed tunnel was officially opened by Queen Elizabeth II and President François Mitterrand, regular services commenced later that same month. In its first year of operation, Groupe Eurotunnel lost £925 million, which was attributed to disappointing revenue from both passengers and freight traffic, as well as heavy interest charges on its £8 billion of debt. The poor fiscal performance can also be partially attributed to the phased opening of the tunnel; various services awaited approval from the Channel Tunnel Safety Authority, some of which did not receive permission to commence until over a year after the tunnel's official opening date.

On 10 July 1997, a financial restructuring plan was approved by Groupe Eurotunnel's shareholders. On 19 December, both the British and French governments officially agreed to extend its concession to 2086. On 7 April 1998, the financial restructuring process was officially completed. On 30 December 1999, as required by the Concession Agreement, Groupe Eurotunnel presented a road tunnel project to the British and French governments.

On 13 February 2004, Groupe Eurotunnel was granted a rail operator's licence in France, becoming the first company ever to possess such status.