The Powerlines Group and its subsidiary SPL Powerlines UK have acquired insolvent construction company Carillion’s 50% stake in the joint venture (JV) Carillion Powerlines (CPL).

Following the acquisition, Powerlines now has complete ownership of CPL.

The acquisition is a key requirement for the uninterrupted continuation of projects including L2C (Midland Mainline) and H2M (Shotts), which have a combined value of more than £300m and are being undertaken for Network Rail.

Powerlines Group CEO Gerhard Ehringer said: “The takeover of the shares previously owned by our former UK joint venture partner is an important milestone for Powerlines Group in general, and in particular for the sustained development and positioning of our business in the UK.

“This is an important milestone for the sustained development and positioning of our business in the UK.”

“We now intend to work very closely with our customer, Network Rail, towards the successful completion of our projects.

“Personally, I am especially delighted to note that this takeover will enable us to secure the jobs of our employees on a long term basis.”

As a result, Carillon’s former employees working with CPL will be transferred to SPL Powerlines UK.

With this acquisition, the company expects to secure nearly 300 jobs in the long term.

Powerlines provides multiple services for railway electrification including consultation, engineering and design, products, assembly and installation, as well as maintenance services.

The company is also engaged in developing and distributing components and complete systems for railway electrification.

Most of its business is concentrated in German-speaking central Europe, the UK and Scandinavia.