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Hungarian online auction companies merge into Allegroup.hu

Hungarian online auction companies Vatera.hu and Tesz-Vesz.hu merged into Allegroup.hu on November 1, business daily Világgazdaság reported on Wednesday.

Hungarian online auction companies Vatera.hu and Tesz-Vesz.hu merged into Allegroup.hu on November 1, business daily Világgazdaság reported on Wednesday.

Both online auction companies were acquired by MIH Allegro, a unit of South Africa's Naspers, in 2008 and 2009.

Vatera.hu had revenue of more than HUF 1 billion in 2009. Tesz-Vesz's turnover came to more than HUF 200 million. Together the companies control about 90% of Hungary's online auction market, Econews reported earlier. (MTI Econews)