PKP Energetyka sold

Following over two weeks of talks, the Ministry of the Treasury and London-based private equity CVC Capital Partners have signed a preliminary agreement regarding the sale of PKP Energetyka, the power unit of Polish state railways (PKP), the Polish Press Agency reported . PKP Energetyka is worth approximately PLN 1.9 billion, but the value of the transaction was corrected with the firm's debt, so the final price stood at some PLN1.4 billion. CVC informed recently that it will look for an institutional partner to become a minority shareholder at Energetyka. Incidentally, it wants the power company to enter the WSE in the future. In addition, Parkiet daily reported that CVC has been already in talks with the European Bank for Reconstruction and Development (EBRD), Polskie Inwesycje Rozwojowe and PZU. The minority stake would amount to less than 20 percent.