As all terms of the agreement have already been met, the transaction was completed, AviAlliance told the Budapest Business Journal
According to Hungarian news agency MTI, thanks to the agreement reached on Thursday, the Hungarian State will acquire an 80% stake in Budapest Airport Zrt. in proportion to the purchase price, while the French co-investor Vinci will hold 20%. The purchase price is EUR 3.1 billion, and a successful agreement with the consortium of lenders has extended the EUR 1.44 bln loan taken out by the previous owners, the statement said.
Gerhard Schroeder, managing director of AviAlliance, which was the biggest shareholder in Budapest Airport until today, says, “Since our initial investment in 2007, Budapest Airport has grown significantly. Together with our co-shareholders, we have invested a total of more than 700 million EUR in the expansion and development of the airport. Thanks to this and to the dedication of its excellent management team and employees, the airport has been internationally recognized for its high-quality passenger service. We are convinced that our investments and development plans provide a solid foundation for continued success under the new ownership.”
Budapest Airport experienced substantial growth in passenger traffic under the ownership of AviAlliance and its co-shareholders GIC and CDPQ, nearly doubling the passenger total from 8.4 million in 2008 to 16.2 million in 2019. In 2023, with 14.7 million passengers, Budapest Airport reached 91% of its pre-pandemic level, above the European average, and set a new air cargo record with a total of over 200,000 tons.
Shareholders invested more than EUR 700 million in the expansion and development of the airport since 2007. Despite the COVID-19 pandemic, more than EUR 200 mln has been invested in improving airport infrastructure and passenger comfort since 2020 alone.
According to AviAlliance, developing the airport over the years has benefitted the entire country, contributing an estimated EUR 2.85 billion to the Hungarian economy in 2022, which is approximately 3% of Hungary’s GDP.
The airport has been successful in earning international accolades over the years, including the 11th consecutive annual Skytrax World Airport Award for “Best Airport in Eastern Europe” in April 2024. The airport also won the Best Airport in Europe prize at the Airport Service Quality (ASQ) Awards 2023 for its excellent customer service among airports that handle 15 to 25 million passengers per year.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
