CAF signs agreement to acquire Solaris
INDUSTRY: Spanish rolling stock and signalling supplier CAF signed an agreement to negotiate the purchase of 100% of the shares in Polish bus and tram manufacturer Solaris Bus & Coach on July 2.
The enterprise value of Solaris is estimated to be slightly above €300m, with the final amount still to be confirmed. The acquisition is to be funded mainly by additional CAF debt, and requires the approval of the Polish and German antitrust authorities. The companies expect the transaction to close in September.
‘In discussions with potential investors, I considered offers from both the Polish market and other countries’, said Solaris Bus & Coach CEO Solange Olszewska. ‘I strongly believe that CAF has the right vision for the company and will be able to develop Solaris’ potential on a global scale.’
According to CAF, the acquisition would enable it to ‘meet current and future needs in urban transport, particularly in electric mobility and multimodal door-to-door solutions.’ It would also provide opportunities for CAF’s urban rail business in Central & Eastern Europe. CAF also believes that with the acquisition of Solaris it would provide a more complete offer to customers.
‘We will create a leader in urban mobility solutions beyond rolling stock, particularly in the e-mobility segment’, said CAF CEO Andrés Arizkorreta. ‘We want to continue using and to develop Solaris’ valuable brand and to keep its Polish character.’
Until the transaction closes, CAF is unable to comment on the future of the Solaris Tram joint venture that Solaris and Stadler established in 2017.