The Polish Development Fund (PFR) has announced its intention to submit a proposal for the acquisition of Spanish rolling stock manufacturer Talgo. The proposal is part of a sale process organized by Pegaso Transportation International SCA (Pegaso), which currently holds shares in the company.
According to the information disclosed, PFR previously considered a non-binding offer for up to 29.77% of Talgo’s capital. The current initiative expands the scope to a full acquisition, subject to regulatory approvals and internal decision-making processes.
PFR highlights Talgo’s portfolio as complementary to that of PESA, the Polish rolling stock manufacturer owned by the fund. While PESA focuses on locomotives, trams, and regional trains, Talgo specializes in high-speed rail technology and maintenance. The potential combination is described as an opportunity to expand market reach across the EU and Central and Eastern Europe, particularly in high-speed train investments.
PFR also states that, if the acquisition proceeds, it intends to maintain Talgo’s headquarters and industrial capacity in Spain, keeping the company listed on Spanish stock exchanges. It has also indicated openness to cooperation with a Spanish minority co-investor and acknowledges Talgo’s historical ties to the Basque region.
At this stage, PFR has notified Spain’s National Securities Market Commission (CNMV) of its intentions. However, the decision to proceed with a formal acquisition offer remains pending further approvals and conditions.
PFR is not the only interested party. Czech Škoda Group and even Indian Jupiter Wagons also expressed their interested in Talgo.
