In a significant move in the transportation sector, buyout firm EQT has partnered with Germany's wealthiest man, Klaus-Michael Kühne, through his investment firm Kühne Holding, to acquire a 35% stake in German bus and train operator Flix.

The deal, confirmed in a statement on Thursday, involves an investment of approximately €1 billion ($1.2 billion) and values Flix at over €3 billion, as per sources familiar with the matter.

This strategic partnership will position EQT and Kühne Holding as long-term anchor shareholders in Flix, marking a substantial commitment to the company's future.

The investment is being made through EQT Future, an impact-driven fund known for its longer holding periods.

The acquisition includes purchasing new stock and buying shares from some existing shareholders, although the specific financial terms were not disclosed in the statement.

The transaction remains subject to standard regulatory approvals and other closing conditions.