Konzum group to acquire dominant stake in Appeninn Holding

Deals

Konzum Investment and Asset Management and Konzum Private Equity will together acquire a 49.02% stake in Appeninn Holding, the companies said on the Budapest Stock Exchange website on Friday, according to state news agency MTI.

The companies acting in concert in the acquisition will also make a mandatory purchase offer to Appeninn shareholders within the legally stipulated deadline.

The Konzum holding company and Konzum PE will each acquire 24.51% in Appeninn Holding, which owns and operates office buildings and industrial and logistics properties worth more than HUF 22 billion.

Konzum and Konzum PE will purchase 19,511,134 Appeninn shares with a face value of HUF 100 per share for an average price of HUF 228.9 per share.

Commenting on the transaction, Konzum Chairman-CEO Gellért Jászai said the aim is to convert Appeninn Holding into a regulated property investment company (SZIT), thereby benefiting from highly beneficial tax conditions, with Konzum focusing future real estate investments in Appeninn Holding. The company also constitutes an adequate platform for a partial restructuring of Konzumʼs existing real estate portfolio, he added.

The CEO of the Budapest Stock Exchange (BÉT) suspended trading in the shares of Konzum Investment and Asset Management and Appeninn Holding in the morning before the announcement.

Trading in the shares resumed after the announcement, with Appeninn rising 10.76% to HUF 350, while Konzum was up 16.06% at HUF 2,240 thirty minutes before noon.

The Konzum group is among the interests of business magnate Lőrinc Mészáros, a close ally of Prime Minister Viktor Orbán whose wealth has grown spectacularly under the Fidesz-led government.   

HUPX Joining Serbian, Slovenian Peers in Adex Power

HUPX Joining Serbian, Slovenian Peers in Adex

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

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.