Holding company Konzum said Tuesday it has agreed to acquire a 45% stake in KALL Ingredients, and to transfer the stake as a contribution in kind to Opus Global, securing the latter a 75% majority stake. Both Opus and Konzum are listed on the Equities Prime section of the Budapest Stock Exchange (BÉT).
KALL Ingredients recently completed a HUF 45 billion isoglucose plant in central Hungary, national news agency MTI recalled. The transaction is expected to be closed by July 31, 2018, Konzum said.
After the transaction, part of a series of additions to Opus Globalʼs portfolio announced in February, Opusʼs stake in KALL will rise to 75%, the firm said in a disclosure posted on the BÉT website.
Once the deal is closed, investments of about HUF 4 bln to boost energy efficiency and productivity will be made at KALLʼs isoglucose plant, Opus Globalʼs PR agent said in a separate announcement.
Both Konzum and Opus Global are controlled by the investor Mészáros Lőrinc, the former gas fitter and long-time ally of Prime Minister Viktor Orbán, whose seeming Midas touch has seen him rise rapidly since the present government came to power in 2010 to become Hungaryʼs second richest citizen.