Waberer's Acquires 51% of Petrolsped
Waberer's International has signed an agreement to acquire a 51% stake in railway logistics company Petrolsped, the listed hauler said on Friday, according to a report by state news wire MTI.
Waberer's had signed a preliminary agreement on the acquisition in July.
The transaction is expected to be closed early in 2024, pending regulatory approval.
Waberer's chairman-CEO Zsolt Barna said the deal was a "significant step towards building a multimodal service portfolio" and would bring Waberer's in line with the European Union strategy to boost the share of long-distance freight transport by rail.
He added that Waberer's saw "significant growth potential" in the market segment because of new industrial and automotive investments in Hungary and because existing customers were increasingly turning to low-carbon logistics services.
Petrolsped had consolidated revenue of EUR 53 mln last year. It is in the final phase of building an intermodal terminal in the south of Hungary that could provide an "optimal basis" for supporting intermodal transport between the Balkans and Western Europe, Waberer's said.
Petrolsped owners Zsolt Kelényi and Béla Nagy said the acquisition would allow Petrolsped to "enter a new growth phase".
Erste Bank Hungary Q1 Earnings Close to HUF 29 bln
Hungary Welcomes Extension of China's Visa Exemption Policy
Living's Kassák Terrace and Park West 3 Classified as Brownf...
Aldi Opening Biggest Store in Budapest
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
