Mutares Makes Strategic Acquisition of Eltel Networks Subsidiaries in Poland

Mutares SE & Co. KGaA announced its third acquisition of the year 2024, buying out Eltel Networks Energetyka S.A. and Eltel Networks Engineering S.A. from Eltel AB. This marks Mutares’ first investment in Poland, notably enhancing its Goods & Services segment with these leading entities in electrical power engineering and construction services.

The acquired companies, operational since 1961 and 1949 respectively, are recognized for their prowess in high voltage services including planning, construction, commissioning, and maintenance. In 2023, they reported revenues of approximately EUR 36 million. The firms leverage a one-stop shop model to cater to significant energy sector players in Poland, employing around 410 individuals across three primary locations.

With the acquisition expected to close in Q2 2024, pending customary regulatory approvals, Mutares aims to foster the expansion of Eltel Networks Energetyka and Eltel Networks Engineering within Poland and beyond. These efforts will particularly focus on the high-voltage segment, driven by robust demand in the energy transformation space.

Robin Laik, CEO of Mutares, emphasized the strategic nature of this acquisition for the company’s growth in Poland and its Goods & Services segment. He expressed confidence in further expanding the market position of the acquired entities and leveraging the innovative R&D center to enhance service offerings.