M&A activity in Hungary steady in spite of crisis
Merger and acquisition activity in Hungary remained steady last year even as volume declined in the region and globally, state news wire MTI reports, citing data compiled by consultancy Deloitte.
Deloitte recorded 32 M&A transactions in Hungary last year, up from 31 in 2019.
Few of the prices of the transactions last year were disclosed, but one of the biggest was the fusion of Magyar Takarékszövetkezeti Bank, MKB Bank, and Budapest Bank into Magyar Bankholding. The HUF 744 billion tie-up produced Hungary's second-biggest banking group.
Another big transaction would have been the sale of Aegon's local insurance business to Vienna Insurance Group, but that EUR 830 million deal could not be closed, VIG said in April, as Hungarian authorities wouldn't grant clearance.
A third notable financial sector transaction was Indotek Group's purchase of an 89.85% stake in fund manager Diofa Alapkezelo.
Deloitte noted that it had worked as a consultant on all three transactions.
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