CEE M&A Monitor
Power grid construction · electrical equipment Poland Share purchase from founder — completed 30 Sep 2026

ONDE closes the purchase of grid contractor OLMEX for a PLN 38m base price plus up to PLN 10.3m earn-out

ONDE S.A. of Toruń, a Warsaw-listed renewable energy contractor, reported on 30 September 2026 that all conditions precedent had been met and it had signed the final share purchase agreement with a private individual, acquiring 100% of Przedsiębiorstwo Badawczo-Wdrożeniowe OLMEX S.A. of Wójtowo. As part of the deal ONDE also acquired the business of OLMEX KMB sp. z o.o., which was transferred into OLMEX on the day of signing. OLMEX supplies power equipment and builds and modernises substations and transmission and distribution lines for utilities and industry; the KMB business designs, manufactures and installs reactive power compensation systems. Under the preliminary agreement (report 34/2026 of 31 July), the base price is PLN 38 million and the earn-out for the following 36 months is expected at about PLN 7.6–10.3 million, putting the total potential consideration at about PLN 45.6–48.3 million. Closing required, among other things, clearance from the President of UOKiK, the Polish competition authority.

Our take Two details are worth noting. First, roughly a fifth of the total price depends on results over three years, so the seller shares the risk of the grid investment cycle with the buyer. Second, a sister company was folded into the target before closing — buyers prefer to receive the whole business in one entity, so where a target runs its activities through several companies, the restructuring comes before closing. The strategic logic is clear: grid connection and substation capacity are a bottleneck for renewable projects, and ONDE is buying that competence rather than building it.
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