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CAF to acquire Solaris
Posted on Wednesday, 04 July 2018 11:22
Spain’s CAF has reached an agreement to acquire Poland-based bus, tram and coach manufacturer Solaris Bus & Coach for a value expected to be above EUR 300.00 million.
The buyer, which is a rolling stock and signally supplier, has said the purchase expands its extensive range of products to meet customer needs in urban transportation, particularly in electric mobility and multimodal door-to-door services.
Founded in 1996, Solaris is billed as a global supplier of conventional and electric buses with a presence in over 700 cities across 32 countries worldwide.
It has production plants in Poland in the cities of Bolechowo and Sroda with around 2,300 employees and revenue of EUR 450.00 million in 2017.
The group’s main markets are its homeland, Germany, Italy, Scandinavia and the Baltics, where it delivered 1,397 buses last year.
Chief executive of CAF Andre Arizkorreta, said: “Together with Solaris, we will create a leader in urban mobility solutions beyond rolling stock, particularly in the e-mobility segment. We want to continue using and to develop Solaris’ valuable brand and to keep its Polish character.
“The combination of both companies’ know-how in production, design, technology and services, together with the track record of Solaris in bus product innovation will allow us to better serve our clients while creating shareholder value.”
CAF will determine the final consideration at closing, expected in September 2018, subject to the usual raft of approvals, including the green light from the Polish and German anti-trust authorities.
The transaction is expected to be funded mainly by the addition of debt at the buyer and involves the acquisition of all outstanding shares in Solaris.
Following completion, CAF expects to be one of the leaders in the urban segment in Europe with new opportunities in railway.
The decision to pursue an acquisition of Solaris is in line with the group’s 2017-2020 strategic plan, to offer integrated transport services to a wider portfolio of clients.
CAF acquired BWB Consulting, a UK-based engineering consultancy, in 2017 for an undisclosed amount; it also picked up a stake in Italian railcar maintenance service provider Cosmef last year.
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