Főtaxi acquires Budapest Taxi
Budapestʼs Főtaxi has acquired peer Budapest Taxi, increasing its fleet from 1,500 to 2,000 vehicles, Főtaxi said on Monday. Budapest Taxi will continue to operate as an independent brand, but both companies will share the same apparatus, Főtaxi said.
The transaction price was not disclosed. Főtaxi had after-tax profit of almost HUF 0.4 billion on revenue of HUF 2.2 bln last year, public records cited by state news wire MTI show.
Főtaxiʼs legal predecessor was established more than 100 years ago, becoming the first taxi company in Hungary and the seventh in Europe, noted MTI.
"In recent years Főtaxi has grown extremely dynamically: the size of the fleet has trebled, in parallel with significant increases in passenger and ride numbers," László Mohl, chairman of the board of Főtaxi, was cited as saying by online news site index.hu.
The consolidation of the taxi market in the capital began last year, with the merger of 6X6 Taxi and Taxiplus. At the time, index.hu recalled, a director of 6X6 predicted that the trend would continue, and that the three big firms (City Taxi, Főtaxi and 6X6) would buy up the other smaller ones between them until only they remain.
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.