DC Advisory advises Infracapital on the acquisition of ReloBus from Mutares

Background

• Infracapital, the infrastructure private equity investment arm of M&G, is a leading European infrastructure investor headquartered in London, UK
• ReloBus is a major private bus operator in Poland, with expertise in urban and regional public transport. It was acquired by Mutares from Arriva in 2023
• ReloBus operates a fleet of approximately 270 buses, serving around 15m passengers per year across major urban areas, including Warsaw and Gdansk, as well as mid‑sized towns, with regional intercity routes spanning approximately 20 lines
  

Process

• DC Advisory was appointed as the exclusive financial advisor to Infracapital on its acquisition of ReloBus
• DC Advisory leveraged its expertise in the transport sector and ran a due diligence process across several critical workstreams, including financial modeling, key business due diligence, structuring, and support in negotiations until signing
  

Outcome

• In March 2026, Infracapital agreed to acquire ReloBus from Mutares, further expanding its investment footprint in the Polish market
• The transaction is expected to close in Q2 2026, and is subject to regulatory approval and customary closing conditions
• With Infracapital’s support, ReloBus aims to accelerate growth and expand its platform across Poland
• This transaction highlights DC Advisory’s expertise in the Infrastructure sector and marks a key transaction for DC Advisory in the CEE region