In a bold move signaling its commitment to national sovereignty, Hungary’s government has reclaimed Budapest Liszt Ferenc International Airport, the nation’s largest commercial airstrip. The state has officially repurchased the company managing the airport, according to a statement from the Ministry of Economy.
The deal, valued at a whopping €3.1 billion (HUF 1.2 trillion), sees the state taking an 80% ownership stake while partnering with global airports operator Vinci. The Ministry emphasized the strategic significance of this acquisition, highlighting that the airport is a vital hub not only for passenger travel and tourism but also for freight transport, playing a crucial role in the country's economic flow.
Matter of sovereignty
The repossession ends years of foreign majority ownership over one of Hungary's most critical transportation hubs. As the economy ministry bluntly stated, "the ownership of the airport is a matter of sovereignty" impacting passenger travel, freight logistics, and economic flows. The deal was facilitated by a consortium of lenders who extended a €1.44 billion loan initially taken out by the previous owners.
In a strategic partnership, the Hungarian state has joined forces with Vinci Airports, the world's largest airport operator. Hungary now holds an 80% stake in the airport, with Vinci Airports owning the remaining 20%. However, this could shift, as the government plans to sell part of its share to Qatari investor QIA, potentially reducing state ownership to 51% once the deal is finalized. Vinci Airports, boasting a portfolio of 65 airports across 13 countries, brings extensive experience to the table and will take on the management of Budapest Airport.
According to insider sources at online news portal Telex, Vinci's management expertise will guide the airport's future operations. The Ministry and Vinci Airports are set to unveil their forward-looking plans at a joint press conference scheduled for early July.
Asset sales
To fund this significant acquisition, Hungary's government undertook a series of asset sales. Corvinus International Investment Zrt, fully state-owned, successfully sold its stakes in Erste Bank Hungary Zrt, Yettel Hungary, and a substantial portion of its holdings in Hungarian VIG companies, reducing its stake from 45% to 10%.
In April, Prime Minister Viktor Orbán announced that the acquisition of Liszt Ferenc Airport was imminent, paving the way for majority state ownership. By December, the European Commission had greenlit the joint control over Airport Holding Tanácsadó Kft (Budapest Airport Holding) by Corvinus and Vinci.
Previously, Budapest Airport's ownership had shifted hands from British to German, and more recently, to a Canadian group. The German AviAlliance GmbH, backed by a massive Canadian pension fund, held the largest share at 55.44%. On Thursday, AviAlliance confirmed that its shareholders had sold their stake to the Corvinus-Vinci duo.
This move marks a significant step in Hungary's efforts to control strategic national assets, ensuring that Budapest Airport remains a pivotal economic artery under Hungarian influence. Stay tuned as we bring you more updates on this transformative acquisition and its implications for Hungary's aviation future.
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