ARPA Abogados Consultores has advised Sodena, the public company of the Government of Navarre, on the sale of its 2.67% stake in Solaris Bus & Coach (Solaris), a Polish company specialized in the manufacturing of sustainable buses, to Grupo CAF (Construcciones y Auxiliar de Ferrocarriles). With this transaction, CAF consolidates its position as sole shareholder of Solaris, thus completing 100% ownership of the company’s share capital.
This divestment has enabled Sodena to recover its initial investment in the industrial project, which began with Vectia and was later integrated into Solaris, achieving an exit multiple of 1.3. The transaction represents a success story in supporting technological business initiatives with strong local roots.
At ARPA, we have supported Sodena throughout all stages of the process, providing comprehensive legal advice in corporate and contractual matters for a transaction with a marked international dimension and strategic relevance for the industrial fabric of Navarre.
Sodena’s exit from Solaris’s share capital forms part of the natural evolution of a consolidated industrial project, with a presence in Navarre through the CAF plant located in Castejón, where activities related to both the railway sector and the urban bus segment are carried out. In addition, Grupo CAF’s presence in Navarre extends to the aerospace sector through Orbital Critical Systems.
About CAF
Grupo CAF is one of the international market leaders as a provider of comprehensive transportation systems, both in the railway sector (metro, trams, high-speed trains, suburban and commuter trains, LRVs, locomotives, civil works, electrification) and in the non-railway sector (sustainable urban buses). With a turnover exceeding €4 billion, CAF has delivered major international projects in numerous countries across five continents. Today, Grupo CAF employs over 16,000 people and operates production plants in Spain, France, the United States, Brazil, Mexico, Poland, and the United Kingdom, along with numerous subsidiaries worldwide.
About ARPA Abogados Consultores
ARPA Abogados Consultores is a law firm with over 30 years of experience and offices in Pamplona, Madrid, and San Sebastián. The firm is also part of the Latiam and Eurojuris International networks, providing legal coverage in more than 60 countries. The Navarre-based firm currently has a team of over 90 professionals who support companies in their projects by offering comprehensive legal, economic, and tax advisory services, delivering value, trust, commitment, and security to its clients.
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