Hal Holding buys majority stake in Fotex
Wednesday, November 23, 2005, 16:02
Hal Holding NV, a unit of Bermuda-based Hal Trust, bought a majority stake in the optical unit of Hungarian retailer Fotex Rt to expand its number of optical retail chains, Napi Gazdaság reported. Hal bought 94.7% of optical retail chain Fotex-Ofotert Kft from Budapest-based Fotex, the two companies said in separate stock exchange statements today. The purchase price was not disclosed.
Hal boosted its stake to 99% in Paris-based optical retailer, Pearle Europe, in January. The company in 2004 completed an initial purchase of French eyeglass retailer, GrandVision SA. Fotex-Ofotert has 102 stores in Hungary, 16 stores in Poland and 12 stores in the Czech Republic, Hal said. The unit had 720 employees at the end of last year and annual revenue of €34 million, it said.