AutoWallis acquires Renault Hungary with a Portuguese partner

Renault Hungária's sales revenue was HUF 70.3 billion last year.

It was explained in the announcement: following the approval of the transaction by the competition office, it is expected that the importer rights of the brands will be transferred to AutoWallis and its partners from July 1.

Based on the agreement, AutoWallis and the Salvador Caetano group will create a new company called AutoWallis Caetano with a 50 percent share each, which will carry out the acquisition.
Gábor Ormosy, the CEO of AutoWallis Nyrt., said in the announcement that the company will independently continue its growth, acquisitions and implementation of its strategy in areas other than the three brands.

The method of acquiring Renault Hungária is special not only in the Hungarian market, but also in the entire European market, as it is based on the strategic cooperation of two companies that work in the same industry, but in different geographical environments, so they are not direct competitors of each other, he noted.

AutoWallis has experience in the field of car trade in 14 countries of the region, while the Portuguese Salvador Caetano mainly has experience in the Iberian Peninsula, South America and Africa - read the announcement.

In 2021, Renault Hungária sold 8,139 Dacia vehicles, making it the 7th largest brand on the Hungarian market, while Renault sold 5,207 units.

AutoWallis shares are listed in the Premium category of the Budapest Stock Exchange; on Wednesday, the company's shares closed at 105 forints, their highest value in the past year was 135 forints, the lowest was 91 forints.

(Source: autokalauz.co.hu; MTI | Image: pixabay.com)