The MOL Group has announced on the website of the Budapest Stock Exchange that it takes part in the maintenance of the Budapest University of Technology and Economics (‘BME’) as a strategic investor, as part of which the country's most prestigious technical higher education institution is moving to a new, private university operating model. With HUF 50 billion (USD 140 million) investment, MOL will strengthen its R&D&I capacities and play a leading role in engineering education in Hungary.
According to the statement, MOL signed a sale and purchase agreement today with the Hungarian State to acquire 100% of the ordinary shares of BME Fenntartó [Maintainer] Plc. for HUF 50 billion (USD 140 million), payable in annual instalments over the next 10 years.
The transaction aims to provide a long-term sustainable and competitive organizational and financing structure for Hungarian engineering and IT education and research and development, and to strengthen MOL's role in the development of the Hungarian innovation ecosystem. Through the transaction, MOL will build a knowledge base that will facilitate both the expansion of its R&D and innovation activities and their direct integration into its business operation.
The Budapest University of Technology and Economics is one of the most prestigious and respected universities in Hungary. BME is a regional leader in transport (mobility) and automotive research, chemical research and education, engineering and energy research such as hydrogen and
nuclear energy, circular economy, recycling, digitalization and IT research. With more than 20,000 students in its eight faculties, BME is a major player in European research programs, having so far been awarded 22 Horizon Europe grants.
"Part of MOL's long-term strategy is to strengthen cooperation with higher education, especially in the field of engineering education. Cooperation with BME enables us to train engineers with state-of-the art knowledge and to carry out real industrial research. This step is not only crucial for the future of MOL, but it can also open new perspectives for other industrial players," the CEO of MOL Group, Zsolt Hernádi said.
As part of the new maintenance model, the parties sought to create a predictable and sustainable financial framework, which was established in a 25-year framework agreement and a 6-year financing agreement between BME Plc. and the Hungarian State. This will be further strengthened by revenues
from industrial cooperation, grant funding and student tuition fees. On this basis, the free cash flow of BME Plc. is expected to be positive in the coming years. With its decades of experience in responsible management, implementing improvements and increasing efficiency, MOL will strive to provide what is needed for the renewal of BME.
In addition, the Hungarian State has agreed to a repurchase commitment with regards to the shares of BME Plc. held by MOL, which can be exercised in the event of a deterioration of the regulatory and operational environment. The Hungarian State and BME will have veto rights over certain issues, in
particular the sale of shares in BME Plc. and the autonomy of BME.
After the closing of the transaction, BME Plc. is expected to be fully consolidated, the statement concludes.
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