Polenergia, a firm controlled by Jan Kulczyk, Poland’s richest man, has purchased a 58 percent stake in wind energy holding company Polish Energy Partners (PEP) in a deal worth zł.406 million.

Polenergia had earlier hoped to buy 80 percent of PEP – for over zł.700 million – in order to allow it to delist the company, Reuters reported. But Mr Kulczyk’s firm failed to persuade the required number of PEP shareholders to relinquish their stakes.

“Buying a 58 percent stake gives us control and assures the possibility of realizing our strategy,” the Polish Press Agency quoted Polenergia CEO Dariusz Mioduski as saying. He added that the company is not planning to launch a bid for the remaining PEP shares.

PEP is at the head of a capital group which produces electrical energy in wind farms. It operates wind farms with an 80 megawatt (MW) capacity and plans to increase that to 100 MW next year.

After the announcement of the deal, Polenergia released a statement saying that it had “achieved [its] goal” with the purchase. “We will have a decisive voice in the activity and the development of the company,” the statement read.

Before the transaction went through, Polenergia Holding had to apply for the approval of Poland’s consumer watchdog, the Office of Competition and Consumer Protection, which it has now received.