Mutares Executes Strategic Divestment to Fund Major Acquisition

Mutares sells Polish bus operator Relobus to M&G's Infracapital, marking its second recent exit to finance the upcoming multi-billion dollar acquisition of a SABIC plastics unit.

Munich-based investment firm Mutares continues to actively manage its portfolio, with the recent sale of its Polish bus operator Relobus marking its second successful divestment in a matter of weeks. This move is part of a deliberate strategy to generate capital, specifically to finance the upcoming multi-billion dollar acquisition of a SABIC plastics business.

Strategic Portfolio Rotation Gains Momentum

The buyer for the subsidiary Relobus Transport Polska is an infrastructure fund managed by the investment company M&G. Mutares expects to complete this transaction in the second quarter of 2026. This sale follows closely on the heels of another exit in early March, when the firm divested the logistics provider inTime Group. Concurrently with that sale, Mutares finalized the purchase of the e-commerce platforms Mimovrste and Mall.hr.

This rapid pace of both acquisitions and disposals is driven by strategic necessity. In January, Mutares management announced the largest purchase in the company's history: the acquisition of SABIC's plastics unit for approximately $2.5 billion. Proceeds from exits like the Relobus sale provide the essential financial foundation for carve-out projects of this scale.

Operational Turnaround Precedes Sale

Since its acquisition by Mutares in 2023, the transport service provider Relobus underwent a strict operational restructuring program focused on cost control and tender management. The efficacy of these measures became evident recently when the company secured two new ten-year contracts for public transport in Warsaw, involving 108 buses, and an additional contract in Gdansk. This stabilized operational base is now being passed on to the buyer, Infracapital.

Market Reaction and Future Outlook

Despite this high level of operational activity, the stock market's response has been muted. Mutares shares closed at €28.80 on Friday, trading nearly ten percent below their 50-day moving average.

Looking ahead, the completion of the SABIC deal, planned for the second half of 2026, will establish an entirely new core segment for Mutares: "Chemicals & Materials." In the interim, the company is set to continue its strategy of rigorous portfolio optimization to ensure the necessary liquidity is in place for this significant new chapter in its corporate development.