Private equity firm CVC Capital Partners has signed an agreement to acquire PKPE Energetyka, which is the energy unit of Polish National Railways, in a deal worth zl1.97bn (€477m).

The energy unit supplies power to the Polish railway network and other customers across the country.

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PKPE Energetyka also offers nationwide maintenance and emergency response services for the railway network, besides operating its fuel stations for diesel locomotives.

"We are looking forward to working with the management and employees of PKPE and supporting the ongoing multi-year investment programme."

The unit also handles sale of power and gas for the railway authority in Poland.

CVC had submitted the highest bid for acquiring the unit excluding the debt or for zl1.97bn, including debt.

The transaction awaits approval from the competition authority and the Poland Infrastructure Ministry, and is expected to close in the third quarter this year.

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PKP chief executive officer Jakub Karnowski was quoted by Bloomberg as saying: "We sought the investor that will strengthen the market position of the company and enable it to grow dynamically."

The deal marks the ‘first stand alone, direct investment’ for CVC in Poland.

CVC partner István Szoke said: "We are looking forward to working with the management and employees of PKPE and supporting the ongoing multi-year investment programme as we seek to develop the business to be able to perform on par with the best-in-class global operators."