Waberer’s acquires 70% stake in Gysev Cargo 23/12/24
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INVESTOR RELEASE
Waberer’s acquires 70% stake in GYSEV CARGO Zrt., further strengthening the Group’s Hungarian and regional rail logistics capabilities
Budapest, 23 December 2024.
– WABERER’S INTERNATIONAL Nyrt. (hereinafter: “Waberer’s” or “Company”) hereby announces that the Company signed a sale and purchase agreement today to acquire a 62.5% stake in GYSEV CARGO Zrt. and committed to a further capital increase in GYSEV CARGO after the closing of the transaction – in the expected value of cca. HUF 2 billion - to develop the railway logistics infrastructure, as a result of which Waberer's stake will increase to 70%. GYSEV Zrt., as the current 100% owner of GYSEV CARGO Zrt., will keep its 30% stake in the Target company after the Transaction. GYSEV CARGO Zrt. is Hungary's 2nd largest rail transportation service provider and is able to offer rail transport services in Hungary directly and through its 100% Austrian subsidiary, Raaberbahn Cargo Gmbh also in Austria, partly with its own and with rented fleet. GYSEV CARGO operates the container terminal in Sopron in the Western part of Hungary at the Intermodal Logistics Service Centre (owned by GYSEV Zrt.). In addition, GYSEV CARGO will operate the intermodal container terminal at the Debrecen-Macs Industrial Park railway station, while GYSEV Zrt. manages the assets of the facility. GYSEV CARGO and Raaberbahn Cargo together achieved an EBIT of HUF 598 m and a profit after tax of HUF 544 m in 2023 on a turnover of HUF 28.4 bn. Closing of the transaction is expected at the end of the first half of 2025, subject to the fulfilment of the conditions set out in the sale and purchase agreement and the completion of the usual Hungarian and Austrian regulatory procedures.
Zsolt Barna, Chairman and CEO of Waberer's International Plc said due to the acquisition of GYSEV CARGO, Waberer's significantly strengthens its position in the Hungarian rail logistics market and, following the acquisition of PSP Group earlier this year, is now able to provide longdistance rail transport services in Romania, Hungary and Austria with its own rail fleet. Via PSP Group and GYSEV CARGO, Waberer's now have access to rail terminal operations in Szeged, Debrecen and in Sopron on the western border of the country, covering the country's main automotive hubs. We plan to use the GYSEV CARGO fleet to significantly increase the available profit margin on the services of PSP Group, which is currently mostly working with subcontractors in Hungary. We also plan to accelerate the migration of freight transport from road to rail in order to reduce our environmental impact, and we plan to reach a significant new customer portfolio with a rail fleet that now covers 3 countries, so that the synergies to be achieved could significantly improve the return of our current investment.
Szilárd Kövesdi, the CEO of GYSEV Zrt. said: “Waberer's acquisition of a stake in GYSEV CARGO Zrt. is considered a strategic partnership. As a result of the transaction, we will be able to jointly position GYSEV CARGO on a more dynamic growth path. Waberer's, through the planned capital increase, will make a significant contribution to the financing of the investments we have planned, and the purchase price to be received will enable us to purchase new equipment and execute new investments thus improving the quality of our services.”