AutoWallis, partner to close acquisition of Renault Hungária this fall
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AutoWallis and the Portuguese Salvador Caetano Group expect to close the acquisition of Renault Hungária this fall, later than originally planned due to a delay in the competition authority's approval procedure, according to a press release sent to the Budapest Business Journal.
This spring, AutoWallis and Salvador Caetano Group announced their intent to jointly purchase Renault Hungária, thus attaining the exclusive import rights for the Renault, Dacia, and Alpine brands in Hungary. The transaction requires the approval of the Hungarian competition authority, which procedure has been started but is taking longer than expected due to reasons outside the control of AutoWallis and Salvador Caetano, the press release notes.
According to the original plans, AutoWallis and its partner would have obtained the import rights to the brands on July 1.
Under the trilateral agreement between AutoWallis, listed in the Premium category of the Budapest Stock Exchange, Renault Group, and Salvador Caetano Group, AutoWallis and the Salvador Caetano Group are creating a new company, with each holding a 50% stake, to purchase, after the approval of the competition authority, Renault Hungária Kft.
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.
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