AutoWallis Plc. is purchasing Renault Hungária Ltd. together with a major player on the European automotive market, the Portuguese Salvador Caetano Group, thus attaining exclusivity for sales of vehicles of Renault, Dacia and Alpine brands in Hungary. A statement on the website of the Budapest Stock Exchange says the transaction is submitted to the approval of the relevant competition authorities. The start of operations of the new organization is scheduled for July 1st, 2022.
AutoWallis Plc. has agreed on yet another substantial acquisition after having concluded a tripartite agreement with Renault Group and the Portuguese Salvador Caetano Group. Under the deal, AutoWallis and Caetano will create a new company (AutoWallis Caetano), with each holding a 50% stake, to purchase Renault Hungária Ltd., which is the distributor of the Renault, Dacia and Alpine brands in Hungary. As a result, the two vehicle sales and mobility service provision companies will gain equal shares in the Hungarian national sales company, which had revenues of HUF 70,3 billion in 2021, providing all the conditions necessary for the transaction are met.
The start of operations of the new organization is scheduled for July 1st, 2022. AutoWallis believes that this project can be a launchpad for further future cooperation with both Caetano and Renault Group. In 2021, Renault Hungária sold a total of 8,139 Dacia vehicles, making it the 7th largest brand on the Hungarian market; in the same year, 5,207 Renault vehicles were sold.
As the CEO of AutoWallis Plc., Gábor Ormosy explained, the method used to purchase Renault Hungária is unusual not only on the Hungarian, but also the entire European market, as it is based on the strategic cooperation of two companies that work in the same industry but in different geographic environments, meaning they are not direct competitors. He added that in addition to the three brands involved, AutoWallis will continue its independent growth, developments, acquisitions, and the implementation of its strategy in other areas. With this step, AutoWallis will continue to bolster its market position with the possible addition of major brands to its wholesale portfolio.
Philippe Buros, Senior Vice-President, Sales & Marketing and Services of Renault Group said that "the Salvador Caetano Group is long-standing partners of the Renault Group whereas AutoWallis Group is a recognized distributor in the Central and Eastern European region. They were chosen for their complementarity. Thanks to this agreement, I am very confident that Renault Group will achieve its strategic ambition in Hungary.”
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