MOL acquires bus company ITK

Telco

Hungarian oil and gas company MOL on Tuesday said it is acquiring a majority stake in bus company ITK Holding. MOL said the acquisition fits well with its 2030 mobility strategy.

One of the aims of the strategy, unveiled earlier, is to transform MOLʼs retail business "into a service provider to offer the most desired services to people on the move," such as car-sharing, electric mobility and operation of vehicle fleets and solutions for public transportation in cities.

MOL has already launched a car-sharing service in the capital, dubbed MOL Limo, and has established MOL Fleet Solutions to manage the companyʼs own fleet of vehicles as well as the fleets of business partners.

ITK operates more than 200 buses in Budapest and Debrecen (eastern Hungary). It has also developed a suburban bus in partnership with the local unit of German automotive giant Daimler.

ITK Chairman-CEO György Kossa said MOLʼs acquisition of the stake in the company would support its further growth.

ITK had revenues of HUF 433 million last year, public records show. As reported earlier, the company started serial production of Mercedes Benz Reform 500 LE buses at its plant in Debrecen in the spring.

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