Konzum set to acquire majority in Appeninn Holding
Konzum Investment and Asset Management Nyrt., Konzum Private Equity Fund and Konzum Management Kft. are jointly set to acquire a majority 51.34% stake in Appeninn Holding Nyrt., which owns and operates office buildings, industrial and logistics facilities, according to a disclosure on the website of the Budapest Stock Exchange (BÉT).
According to information from Konzum Nyrt., cited by online business news site vg.hu, the acquisition of a majority in Appeninn consists of two transactions. Pursuant to an earlier announcement in August, Konzum Nyrt. and Konzum PE have each now taken ownership of 24.51% stakes from Lehn Consulting AG. In addition, a subsidiary of Konzum Nyrt., Konzum Management Kft., will buy out a 2.32% package of Appeninn shares held by Lehn Consulting at the December 18 closing price of HUF 724 per share.
Commenting on the initial transaction in August, Konzum Chairman-CEO Gellért Jászai said the aim is to convert Appeninn Holding into a regulated property investment company (SZIT), benefiting from highly beneficial tax conditions, with Konzum focusing future real estate investments in Appeninn Holding.
Subsequent to the August announcement, the Konzum companies made a mandatory purchase offer to Appeninn shareholders for the remainder of shares; however, Appeninnʼs board recommended shareholders not to accept the offer.
Konzum Management Kft. still requires the approval of the Hungarian Competition Authority (GVH) for the latest acquisition.
Once the approval procedure is complete, the Konzum companies would hold a combine majority of 51.34% in Appeninn.
The Konzum group is among the interests of business magnate Lőrinc Mészáros, a close ally of Prime Minister Viktor Orbán. Konzum Investment and Asset Management is listed on the BÉTʼs Equities Standard Market.
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