Konzum set to acquire majority in Appeninn Holding

Deals

Konzum Investment and Asset Management Nyrt., Konzum Private Equity Fund and Konzum Management Kft. are jointly set to acquire a majority 51.34% stake in Appeninn Holding Nyrt., which owns and operates office buildings, industrial and logistics facilities, according to a disclosure on the website of the Budapest Stock Exchange (BÉT).

According to information from Konzum Nyrt., cited by online business news site vg.hu, the acquisition of a majority in Appeninn consists of two transactions. Pursuant to an earlier announcement in August, Konzum Nyrt. and Konzum PE have each now taken ownership of 24.51% stakes from Lehn Consulting AG. In addition, a subsidiary of Konzum Nyrt., Konzum Management Kft., will buy out a 2.32% package of Appeninn shares held by Lehn Consulting at the December 18 closing price of HUF 724 per share.

Commenting on the initial transaction in August, Konzum Chairman-CEO Gellért Jászai said the aim is to convert Appeninn Holding into a regulated property investment company (SZIT), benefiting from highly beneficial tax conditions, with Konzum focusing future real estate investments in Appeninn Holding.

Subsequent to the August announcement, the Konzum companies made a mandatory purchase offer to Appeninn shareholders for the remainder of shares; however, Appeninnʼs board recommended shareholders not to accept the offer.

Konzum Management Kft. still requires the approval of the Hungarian Competition Authority (GVH) for the latest acquisition.

Once the approval procedure is complete, the Konzum companies would hold a combine majority of 51.34% in Appeninn.

The Konzum group is among the interests of business magnate Lőrinc Mészáros, a close ally of Prime Minister Viktor Orbán. Konzum Investment and Asset Management is listed on the BÉTʼs Equities Standard Market.

ADVERTISEMENT

Job ads in hospitality, tourism sector grow drastically  Analysis

Job ads in hospitality, tourism sector grow drastically 

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.