(Yicai Global) Sept.19 -- Rail operator China High Speed Railway Technology Co. [SHE:000008] has agreed a CNY926-million (USD142-million) deal to acquire Waycom Technology Co., a producer of high-rail vehicle electronic information systems, the former said in a press briefing on Sept. 18.

The acquisition, made through equity funds and self-financing, is part of China High Speed Railway's efforts to accelerate the development of the country's high-speed railway sector.

Waycom Technology expects to achieve a total net profit of at least CNY245.7 million (USD37.8 million) in 2017 through 2019. Listed on the New Third Board in 2008, Waycom provides solutions for transit vehicle electronic information systems. Its products have been used in about 800 sets of China High-Speed Railway trains and four kinds of subway trains nationwide.

China High Speed Railway Technology provides intelligent equipment operation and maintenance, system integration and Big Data and industrial services. It is a leading global company covering the operation and maintenance of the whole rail transit industry chain.