Following the acquisition, Powerlines and its subsidiary SPL Powerlines UK now has complete ownership of the JV which is working with Network Rail on the Midland Main Line and Edinburgh - Shotts - Glasgow electrification projects.

The acquisition is a key requirement for the uninterrupted continuation of the projects which have a combined value of more than £300 million.

Powerlines Group CEO Gerhard Ehringer said: “The takeover of the shares previously owned by our former UK joint venture partner is an important milestone for Powerlines Group in general, and in particular for the sustained development and positioning of our business in the UK.

“We now intend to work very closely with our customer, Network Rail, towards the successful completion of our projects.

“Personally, I am especially delighted to note that this takeover will enable us to secure the jobs of our employees on a long term basis.”

Carillion employees are set to transfer to SPL Powerlines and the company says it expects to preserve 300 jobs.

Carillion Powerlines won the £49m contract to electrify the Shotts Line between Holytown Junction and Midcalder Junction in January 2017. The work will facilitate the introduction of electric services between Edinburgh and Glasgow via Shotts in 2019.