The British government is hoping to sell off the UK Railways (BRIC) to private investors after years of financial struggles.
Belt railway operator Belt has been in talks with potential buyers since 2014.
The sale is likely to be completed by 2020.
Under the terms of the sale, the British government would be able to buy back up to 35 per cent of the stock of the BRIC, a deal which is thought to be more than $1.6 billion.
But the deal has to be approved by the European Commission, the European Banking Authority and the European Central Bank.
The BRIC is part of the European Union, which has a capital market of the UK, France, Germany, Spain and Italy.
BRIC owns a total of about 8,300 miles of track across the UK.
It also operates two other railways, including the Northern and Southern Lines, which operate over the south east of England.
The UK Railway operates more than 2,000 routes in the UK including many over major roads.
In 2019, it suffered a financial crisis, when the Government was forced to borrow £3.8 billion to help it run the railways.
The cost of borrowing for the year was £2.4 billion.