First transaction where a state fund invests in a private and dynamic entity?

DZP advised Polish Development Fund on an investment in WB Electronics.

PFR – new investor in WB Electronics


DZP advised Polski Fundusz Rozwoju SA [Polish Development Fund] on an investment in WB Electronics SA. An agreement was signed by the parties on 9 November.

The investment, valued at PLN 128 million, will involve the Fund managed by PFR taking up new shares, giving it a shareholding in WB Electronics of 24%. The majority shareholders will continue to be WB Electronics' creators and founders, Piotr Wojciechowski and Adam Bartosiewicz. Proceeds from the new share issue will be used to invest in innovative products and technologies and foreign expansion.

Our advice covered a due diligence of the WB Electronics group, preparation of the transaction structure and documentation, and support in negotiations.
The client was advised by Piotr Jackowski who, together with Andrzej Foltyn, headed the team of lawyers negotiating the transaction documentation (other team members were, inter alia, Paulina Armada-Rudnik and Maciej Goszczyk) and Tomasz Darowski and Krzysztof Fliszkiewicz, who were responsible for the due diligence of the WB Electronics group companies.

The Polish Development Fund is a group of financial and advisory institutions supporting companies, local governments and individuals and investing in sustainable social and economic development. PFR's mission is to carry out programmes promoting growth in long-term investment and economic potential in Poland and equal opportunities and environmental protection.

The WB Group is currently one of the largest Polish defence companies, offering advanced technological solutions on both military and civil markets. WB Group companies specialise in designing and manufacturing innovative fire-control systems, unmanned systems, industrial automation, radio systems and data transmission.

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