Baltic Rail Services (BRS) owned a 66% stake in Estonian Railways, the privatized operator of railway infrastructure services and dominant provider of rail cargo transportation in Estonia. The government of Estonia owned the remaining 34% stake. At the time of investment, over 40 million tonnes of freight was carried on Estonian Railways' infrastructure each year.

In January 2007, following the successful completion of the privatisation investment plan and improvement of Estonian Railways' operating performance, BRS sold its stake to the Republic of Estonia.

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