Spanish rail solutions provider CAF Group has signed an agreement to acquire 100% of the shares of rolling stock maintenance services provider EuroMaint in a transaction valued at approximately €80m.

The final price may change when the expected deal closes on 19 July.

As per the terms of the agreement, CAF Group will buy EuroMaint from funds advised by private equity firm Orlando Nordics.

The company believes that the takeover of EuroMaint will further strengthen its footprint in the rail services market.

Additionally, the deal will boost CAF Group’s presence in the Nordic markets, where it has developed a significant number of projects.

Moreover, the combination will improve CAF Group’s capability of obtaining synergies in the area of purchases and in the manufacture and delivery of railway equipment and components.

Currently, EuroMaint is mainly active in the maintenance of large fleets, along with the delivery of a range of railway components to the main Swedish rail operators.

The acquired entity has a considerable share of the Swedish market in the fleet maintenance business of passenger trains, locomotives and yellow machines.

It performs its operations in 18 workshops and facilities located across Sweden. It has a workforce of almost 1,000 people and posted revenues of about €150m last year.

Additionally, it will contribute to CAF Group with an important order book, which might be increased.

In July, CAF acquired Polish bus and LRV manufacturer Solaris for approximately €300m.