GVH Clears AutoWallis, Partner's Acquisition of Renault Hungária
Image by Artem Blinov / Shutterstock.com
The Hungarian Competition Authority (GVH) has consented to AutoWallis Caetano Holding Zrt., founded by the AutoWallis Group and its Portuguese partner, to purchase Renault Hungária Kft., thus attaining the exclusive import rights for the Renault, Dacia, and Alpine brands in Hungary.
AutoWallis and the Portuguese Salvador Caetano announced their intent to purchase Renault Hungária this spring. To this end, AutoWallis and its partner created a new company called AutoWallis Caetano Holding, with each holding 50% of the shares.
As a result, the two vehicle sales and mobility service provision companies will gain equal shares in the Hungarian sales company, which had sales revenues of HUF 70.3 billion in 2021, if all the conditions necessary for the transaction are met after having obtained the Competition Authority’s consent. The transaction is expected to be closed on October 1.
Responding to the competition authority’s ruling, Andrew Prest, head of AutoWallis’s Distribution Business Unit, explained that the purchase of Renault Hungária is a longer and more complex process than previous transactions because the size of the AutoWallis Group is increasing and its activities and regional presence are expanding.
Recent years have seen dynamic expansions in AutoWallis’s wholesale activities, with the latest large transaction the winning of importer rights for the Opel brand in four countries.
He emphasized that these transactions clearly show that the wholesale experiences of AutoWallis, present in 14 countries in the region, is increasingly raising interest among players in the international vehicle market.
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.