Dalkia has acquired an 85% stake Warsaw municipal heating operator SPEC for $515 million, Reuters reports. The company, controlled by French utilities Veolia and EDF, will allocate $361.5 million to the heating network over the next seven years.

The SPEC acquisition is linked with the proposed sale of the heat and power unit in Warsaw put up for sale by Swedish company Vattenfall. The SPEC deal is awaiting approvals from the Warsaw city council and anti-monopoly watchdog UOKiK.

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