ADVERTISEMENT

Waberer’s buys out minority partner, but private placement fails

Deals

Waberer’s International had a busy day on Wednesday regarding the acquisition and attempted sale of company stakes, with one offer concluded, and another having failed. However, the Hungarian road haulage and logistics firm says it is pleased with its operational performance.

Listed haulier Waberer’s International Nyrt. on Wednesday concluded an agreement to buy out the stake of Lóránd Szemerey, its minority partner in Waberer’s-Szemerey Logisztika Kft. According to a press release sent to the Budapest Business Journal, Szemerey accepted the offer made by Waberer’s and CEO Ferenc Lajkó, as the buyer, signed the contract.

Waberer’s-Szemerey Logisztika accounts for most of Waberer’s regional logistics contracts, which generated EBITDA of more than EUR 17 million last year, about 21% of the group total.

Szemerey held a 40% stake in the company which has been bought by Waberer’s, which thus becomes the sole owner. The sale is expected to be closed on April 2. Waberer’s did not disclose the price of the transaction.

On the same day, an attempted sale of a 15% stake in Waberer’s failed after the majority owner, BV CEE Transport, withdrew an offer to sell a stake in the company, unhappy with the amount offered.

BV CEE Transport previously said it would sell a 15% stake in Wabererʼs to institutional investors in a private placement. The owner put the value of the stake at around EUR 40 mln.

"Despite the widespread interest in Wabererʼs, demand did not meet price expectations and therefore the offer has been withdrawn," BV CEE Transport said in a statement which was published by Wabererʼs on the website of the Budapest Stock Exchange.

Even so, BV CEE Transport added that it "remains pleased with the operational performance of the company and will continue supporting Waberer’s growth strategy," noting strong year-end earnings and the announcement of the buy-out of its minority partner in Wabererʼs-Szemerey Logisztika.

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

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.