Hungarian car seller AutoWallis concludes historic agreement buying Czech competitor
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Listed Hungarian car seller AutoWallis on Friday announced an agreement to buy 100pc of Czech peer MILAN KRAL GROUP, in the company’s biggest acquisition to date.
The transaction further bolsters AutoWallis’s presence in Czechia’s “generally more profitable” market, the company said. It added that new car sales in Czechia were over 244,000 in 2023, nearly double the number in Hungary.
Revenue of MILAN KRAL GROUP was the equivalent of HUF 50bn in 2023, compared to AutoWallis Group’s turnover of HUF 366bn. MILAN KRAL HOLDING sells and services the BMW, Mercedes-Benz, Mercedes-Benz Truck and Ford brands, and services the Opel brand. It also has its own used car business under the brand auto.pro.Tebe.
The transaction is expected to close in December, pending approval by the Czech competition authority and the fulfillment of other conditions.
In the summer, AutoWallis acquired another Czech retail business: Stratos Auto’s three BMW dealerships.