Mundys Solidifies Getlink Stake After UK National Security Approval

ROME, Italy – April 13, 2026 – Italian infrastructure group Mundys has secured a critical regulatory victory, receiving clearance from the UK Government to increase its investment in Getlink, the operator of the vital Channel Tunnel. The approval, granted under the UK’s stringent National Security and Investment Act 2021, permits Mundys to raise its holding to 25% of Getlink's capital and, crucially, up to 29.9% of its voting rights.

In a move designed to reassure markets and regulators, Mundys has explicitly stated it has no intention of launching a full takeover. The company confirmed in a statement that it “does not have any intention to take control of Getlink or to request the nomination of additional board members.” Instead, Mundys is positioning itself as a long-term “anchor shareholder,” solidifying its influence over a cornerstone of European transport and energy infrastructure without triggering a disruptive change of control.

Navigating National Security Scrutiny

The clearance from the UK government is particularly significant, as it represents a high-profile test of the National Security and Investment Act (NSIA). Enacted in 2022, the legislation gives UK authorities sweeping powers to review and potentially block investments in 17 sensitive sectors to mitigate national security risks. Getlink falls squarely within this framework, not only for operating the Channel Tunnel—a critical transport artery through which 26% of goods trade between the UK and the EU passes—but also for its subsidiary, ElecLink.

ElecLink is a 1-gigawatt electrical interconnector running through the tunnel, which began commercial operations in 2022. It plays a growing role in stabilizing energy grids and enhancing supply security for both the UK and France. Any significant foreign investment in the parent company was therefore bound to attract close government scrutiny.

The successful navigation of this review process demonstrates that strategic cross-border investments in critical infrastructure remain viable, provided investors can satisfy governmental concerns. Mundys' public commitment to remain a minority shareholder was likely a key factor in securing the green light, signaling a collaborative rather than a controlling intent.

The 'Anchor Shareholder' Strategy

Mundys' decision to cap its voting rights at 29.9% is a calculated strategic maneuver. Under French stock market regulations, crossing the 30% threshold would automatically trigger a mandatory takeover bid for the entire company. By stopping just shy of this mark, Mundys can maximize its influence and secure its long-term interests without the expense and complexity of a full acquisition.

This “anchor shareholder” model allows the Italian group to provide stability and strategic support, reinforcing confidence in Getlink's management and long-term vision. The market has responded positively to this approach. Following the initial announcement of Mundys’ intention to increase its stake on March 31, 2026, Getlink shares climbed by as much as 4% in Paris, indicating investor approval of a strengthened, yet stable, major shareholder.

With nearly a third of the voting power, Mundys will have a powerful voice in shareholder meetings, capable of influencing key decisions on corporate strategy, major investments, and dividend policy. This allows the firm to protect and enhance the value of its substantial investment while working within the existing governance structure.

A Deepening Bet on French Infrastructure

This move reinforces France's position as the centerpiece of Mundys' global strategy. The country is already the group’s most significant market, accounting for 28% of its consolidated EBITDA in 2025. Controlled by the Benetton family's Edizione holding company, with Blackstone as its second-largest shareholder, Mundys has invested approximately €11 billion in French infrastructure to date.

Its French portfolio is extensive and includes major motorway concessions such as SANEF, SAPN, and the A63, all managed through its subsidiary Abertis. Furthermore, Mundys holds a controlling stake in Aéroports de la Côte d’Azur (ACA), which operates Nice Airport—France's second busiest—as well as the airports at Cannes and Saint-Tropez. The investment in Getlink, which began in 2018, deepens this commitment and integrates another vital transport asset into its portfolio.

The increased stake aligns with Mundys’ overarching goal to be a dominant player in European mobility and infrastructure corridors. It also ties into the company’s strong focus on sustainability, with a stated goal of achieving climate neutrality by 2040. This vision complements Getlink’s own identity as a low-carbon transport operator, with the majority of its turnover already aligned with the European Union's green taxonomy.

Getlink's Strategic Value and Market Outlook

For Mundys, Getlink represents a premier infrastructure asset with diversified and reliable revenue streams. Beyond the iconic Eurotunnel LeShuttle service for cars and trucks, Getlink earns significant revenue by providing rail access to high-speed passenger trains like Eurostar and operating France's leading private rail freight operator, Europorte. Its financial performance has been robust, with a reported EBITDA of €859 million in 2025 and a strong cash position of nearly €1.5 billion at year-end.

However, this strategic value is already well-recognized by the market. Following a year of strong performance, analysts have adopted a more cautious outlook. Getlink’s stock trades at a premium, with an Enterprise Value-to-EBITDA multiple of 18.8x, significantly above its historical average. Some analyst price targets now sit slightly below the current market price, suggesting that the company’s positive outlook and the stability offered by Mundys’ investment are largely priced in.

For investors, this implies that further significant share price appreciation may depend on Getlink consistently outperforming already high expectations. With Mundys now firmly established as a long-term strategic partner, the focus will shift back to operational excellence and continued growth across its transport and energy divisions to justify its premium valuation.