The €80m transaction was signed on May 23, with the final amount due to be finalised when the deal is closed, which is expected in July.

EuroMaint was sold by Stockholm-based investment company Ratos in October 2016 to private equity fund SSVP, in a deal worth SKr 650m ($US 67.5m).

EuroMaint currently has a significant share of the Swedish passenger train, locomotive and industrial rail vehicle maintenance market. Its main activities cover the maintenance of large fleets and components supply.

EuroMaint operates 18 facilities and workshops throughout Sweden which CAF says gives it a leading market position and the opportunity to grow existing and new projects in the reion. The company employs around 1000 staff, and generated revenues of approximately €150m last year.

The latest acquisition follows CAF’s purchase in July 2018 of Polish bus and LRV manufacturer Solaris in a deal worth around €300m, and is aligned with Strategic Plan 2020, which is committed to growing the company’s rolling stock and services business and diversifying its activities.