AutoWallis and its partner can close the acquisition of Renault Hungária in autumn

AutoWallis and the Portuguese Salvador Caetano group announced in the spring that they would jointly buy Renault Hungária Kft. The transaction is subject to competition office approval, the related procedure has been started, but the process is delayed due to reasons beyond AutoWallis and Salvador Caetano's control, according to the statement.

According to the original plans, the importer rights of the brands could have been transferred to AutoWallis and its partner from July 1, but based on the current information, this is likely this fall, they indicated.

On the basis of a tripartite agreement between AutoWallis Nyrt., the Renault group and the Salvador Caetano group, AutoWallis and the Salvador Caetano group established a new company called AutoWallis Caetano with a 50 percent share each, which will acquire Renault, Dacia and Alpine after the approval of the competition office. Renault Hungária Kft., which holds the Hungarian importer rights for brands.

According to the announcement, the two companies involved in car trade and the provision of mobility services will thus own an equal share of the Hungarian sales company with a turnover of HUF 70.3 billion in 2021, if all the conditions necessary to close the transaction are met.

In 2021, AutoWallis' sales revenue increased by 121 percent to HUF 195 billion compared to the previous year, and the profit before taxes and depreciation (EBITDA), cleaned of financial items, increased by 244 percent and exceeded HUF 7.82 billion.

The shares of AutoWallis, listed in the premium category of the Budapest Stock Exchange, closed at HUF 99.8 on Tuesday, the paper reached a minimum of HUF 91 and a maximum of HUF 135 in the past year.

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