CMS Poland has advised the CVC Capital Partners private equity fund on the purchase of PKP Energetyka from Polish National Railways (PKP). PKP was advised by Weil. The transaction is subject to regulatory approval and is expected to close in Q3 2015. The value of the enterprise was established at PLN 1.965 billion (approximately EUR 477 million) and the price at PLN 1.41 billion.
"Purchase of PKP Energetyka is one of the biggest private equity transactions in Poland made in the key and very perspective sector,” said CMS Partner Dariusz Greszta, who led the firm’s team on the matter.
PKP Energetyka – which was founded in Poland in 2001 – is a cross-country electricity distributor to the Polish railway network and to other customers. It also provides nationwide maintenance and emergency response services to the railway network, operates fuel stations for diesel locomotives, and is active in electricity and gas reselling.
CVC is one of the world’s leading private equity and investment advisory firms, operating throughout Europe, Asia, and the US. The company has a track record of successfully investing in regulated industries and major strategic assets across Europe such as its 2002 investment in Inalta (the operator of a nationwide high-voltage electricity network in Spain), its 2008 investment in Evonik (the world’s largest speciality chemicals company, based in Germany) and its 2011 investment in Delachaux (the global rail infrastructure group headquartered in France).
According to CMS, "the transaction was extremely complex due to the scale of operations and position of PKP Energetyka on the Polish market, therefore involved expertise from many law practices.” The firm reports that its team involved more than 50 lawyers from CMS’s Warsaw office, including, in addition to Greszta, Partners Jakub Marcinkowski and Karolina Siedlik, Senior Associate Zuzanna Jurga, Of Counsel Piotr Ciolkowski, Associates Michal Andruszkiewicz and Tomasz Waligorski, Lawuer Filip Ostrowski, and many others.
The Weil lawyers involved included Partner Pawel Zdort, Counsel Monika Kierepa, Main Associates Lukasz Blazejczyk and Karol Kicun and Associates Tomasz Bakowski, Leszek Cyganiewicz, Wojciech Czyzewski, Aleksandra Dobrzynska-Grezel, Jakub Faszcza, Piotr Fedorowicz, Lukasz Szatkowski, Lukasz Targonski, Natalia Wolkowycka, and Anna Ziewalicz.
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