CVC wins exclusive negotiation rights to buy PKP Energetyka

Luxemburg-based CVC has reportedly offered the highest price, of PLN 1.5 billion (USD 395 million). Other offers were submitted by listed Polish energy groups Energa, Tauron, Enea and PGE, each reportedly willing to pay PLN 1.3 billion.

"We are pleased with the large interest shown in our privatization. CVC is a very good partner for us,” Piotr Ciżkowicz, deputy CEO of PKP SA said.

PKP said in a press release the next phase of negotiations will begin in the coming days.

Slawomir Baniak, PKP's Director for Privatisation and Ownership Supervision, said the transaction is to be finalised in the third quarter.

The privatisation process of PKP Energetyka began in late 2014. The binding offers were submitted by shortlisted bidders on 8 July, a company statement said.

Privatisation of PKP assets are being used to repay the company’s debt. Since 2012, PKP’s net debt was reduced by 80%, the statement said.

PKP Energetyka has been operating since 2001, and is engaged in sales of electricity and liquid fuels.

CVC Capital Partners is a private equity firm with approximately USD 80 billion in secured commitments across European and Asian private equity, credit and growth funds. Since 1981, CVC has completed over 300 investments across a wide range of industries and countries. CVC was founded in 1981 and today has a network of over 20 offices throughout Europe, Asia and the United States. (jh)

Source: Parkiet