Plans to merge Eurostar and Thalys were launched in September 2019 and approved by the European Commission in late March 2022. The Eurostar Group holding company was founded on 1 May 2022, with SNCF Voyages D?veloppement (a subsidiary of SNCF Voyageurs) taking a 55.75% interest.

Yes, Eurostar is majority-owned by SNCF Voyageurs, which is the passenger rail subsidiary of the French national railway company, SNCF Group. Specifically, SNCF Voyageurs holds a 55.75% stake in the Eurostar Group, the holding company formed in 2022 following the merger of Eurostar and the high-speed operator Thalys. The remaining shares are owned by the Canadian pension fund CDPQ (19.31%), the Belgian national railway SNCB (18.5%), and funds managed by Federated Hermes Infrastructure (6.44%). While Eurostar operates as its own distinct international brand with its own CEO and headquarters in Brussels, its strategic direction and much of its operational backing are tied directly to the SNCF network. This partnership has allowed for a unified high-speed network across five countries—France, the UK, Belgium, Germany, and the Netherlands—with a goal to reach 30 million annual passengers by 2030. For travelers, this means a more seamless booking experience across Western Europe's most famous rail lines.