PRIVATE equity group Carlyle has agreed the sale of its controlling stake in Peruvian tourist rail operator Inca Rail to RBB Andes Holdings in a deal valued at approximately $US 52m.
The transaction covers Carlyle’s shareholding in the operator, which runs passenger services between Ollantaytambo and Aguas Calientes, the main rail access point to Machu Picchu. Inca Rail has confirmed that the transfer of approximately 80% of its share capital has been initiated under the agreement signed in December 2025, adding that operations will continue without disruption.
Founded in 2007, Inca Rail is one of two operators operating under a concession on the line linking Cusco’s Sacred Valley with Machu Picchu, competing with PeruRail on 77km of predominantly single-track infrastructure. The line plays a critical role in Peru’s tourist economy, carrying the majority of visitors to the Unesco World Heritage site, where rail access is effectively mandatory for most visitors.
Carlyle originally invested in the business in 2016 and the sale to RBB Andes reflects continued investor interest in rail-based tourism assets with captive demand and limited competition from other modes, as well as highlighting the continuing importance of private capital in specialised passenger rail markets in Latin America.
The transition in ownership follows a fatal collision in December near Ollantaytambo involving trains operated by Inca Rail and PeruRail. The incident led to a temporary suspension of services and a programme to revise operating procedures.
