The Government has confirmed its stake in Eurostar is to be sold to a consortium of British and Canadian pension and infrastructure funds, raising almost £760m.
The Chancellor George Osborne said the sale, reported by Sky News on Tuesday night, represented a "fantastic deal" for the taxpayer and the money would be used to draw down debts and on core infrastructure.
However, rail unions accused him of putting short term financial gain ahead of the travelling public.
Under the agreement Caisse de depot et placement du Quebec (CDPQ) and Hermes Infrastructure have agreed to acquire the Government's 40% holding for £585.1m.
In addition, Eurostar will redeem the Government's preference share, raising a further £172m.
The stake in the cross-channel rail link operator was put up for sale last autumn as part of a plan to raise £20bn from asset sales by the end of the decade.
Eurostar, which launched its inaugural service in 1994, has seen a surge in demand, with more than 10 million passengers travelling on its trains in 2013 alone.
Among the other bidders for the Eurostar stake were 3i, the private equity firm, a division of the French bank Credit Agricole and an arm of the Singaporean government.
The remainder of Eurostar is owned by SNCF, the French state-owned rail operator, which controls 55%, and the Belgian government.
Mr Osborne said it was "a fantastic deal" for UK taxpayers that exceeds expectations.
"Investing in the best quality infrastructure for Britain, getting the best value for money for the taxpayer and tackling our country's debts are key parts of our long term economic plan, and in today's agreement, we are delivering on all three".
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Gallery: Eurostar: Fires, Frost And Facelifts
Feb 1986: The Treaty of Canterbury is signed and the construction of the Channel Tunnel commences
May 1994: The Queen opens Waterloo International before travelling to Calais for the Channel Tunnel inauguration with the French President
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