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Főtaxi acquires Budapest Taxi

Budapestʼs Főtaxi has acquired peer Budapest Taxi, increasing its fleet from 1,500 to 2,000 vehicles, Főtaxi said on Monday. Budapest Taxi will continue to operate as an independent brand, but both companies will share the same apparatus, Főtaxi said.   

The transaction price was not disclosed. Főtaxi had after-tax profit of almost HUF 0.4 billion on revenue of HUF 2.2 bln last year, public records cited by state news wire MTI show.

Főtaxiʼs legal predecessor was established more than 100 years ago, becoming the first taxi company in Hungary and the seventh in Europe, noted MTI.

"In recent years Főtaxi has grown extremely dynamically: the size of the fleet has trebled, in parallel with significant increases in passenger and ride numbers," László Mohl, chairman of the board of Főtaxi, was cited as saying by online news site index.hu.

The consolidation of the taxi market in the capital began last year, with the merger of 6X6 Taxi and Taxiplus. At the time, index.hu recalled, a director of 6X6 predicted that the trend would continue, and that the three big firms (City Taxi, Főtaxi and 6X6) would buy up the other smaller ones between them until only they remain.