POLAND: An agreement for Polish state-backed investment fund PFR to take over rolling stock manufacturer Pesa was finalised on May 25. The terms of the takeover have been agreed, and financial close is due in mid-June.
Pesa confirmed in March that it was entering into exclusive negotiations with PFR. Reports now suggest that the investment company will acquire 100% of the company’s shares, rather than 75% as previously indicated.
Pesa started to suffer from cash flow problems last year, and in November it signed a 200m złoty loan agreement with a consortium of six banks. PFR would pay this off, and provide 200m to 400m złoty to finance Pesa’s ongoing activities and provide guarantees for new contracts.
Several foreign companies showed interest in investing in the Bydgoszcz-based supplier, before PFR was eventually selected.