October 9, 2018 / 8:16 AM / 2 months ago

UPDATE 1-Poland buys back its mountain cable car from foreign fund

(Adds background and context)

WARSAW, Oct 9 (Reuters) - Poland’s state-run fund PFR has agreed to buy back its mountain cable car operator PKL from private equity fund Mid Europa Partners for an undisclosed sum.

“PFR is a long-term investor interested in developing the skiing and tourist infrastructure of PKL,” PFR Chief Executive Officer Pawel Borys said in a statement on the fund’s website.

Poland’s government, run by the nationalist Law and Justice (PiS) party, has argued that the country is too dependant on foreign investors, who bought into Polish assets in the 1990s and 2000s.

Party leader Jaroslaw Kaczynski has said that PKL, which runs the famous Kasprowy Wierch cable car in Poland’s Tatra mountains, should come back into Polish hands.

The fund is the latest deal by the Polish state to buy back foreign-held assets, including banks, bus manufacturer, shipyard, and energy companies.

Mid Europa Partners bought PKL in 2013 for 215 million zloty ($57.18 million).

$1 = 3.7600 zlotys Reporting by Marcin Goclowski, editing by Louise Heavens

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