BREAKING: Hungarian state acquires Budapest Airport – UPDATE
After more than a year of intensive negotiations, the sale and purchase agreement of Budapest Airport Plc. was signed today, on 6 June 2024, the Ministry of National Economy (NGM) announced. According to the statement, the transaction is now closed. After nearly 20 years the airport is back in national majority ownership.
Hungarian state buys Budapest Airport
Photo: Budapest Airport/FB
The buy-back of Budapest Airport Plc. is the most complex and largest economic transaction of the post-regime change period, according to the NGM.
The negotiations between Corvinus International Investment Plc. and VINCI Airports took place in two rounds. The deal was concluded with an international vendor group comprising AviAlliance, GIC and CDPQ. On the other hand, an agreement was also reached with the international group of creditors financing the airport to close the transaction, 24.hu writes, based on the statement of the ministry.
The sale transaction is a record transaction in Central Europe. The buy-back was an extremely complex task, as while selling the airport is easy, buying it back is difficult, the statement reads.
The purchase price is EUR 3.1 billion, or more than HUF 1,200 billion, and the successful agreement with the consortium of lenders extended the EUR 1.44 billion loan taken out by the previous owners.
UPDATE: Minister
The purchase agreement on the Hungarian state and an associated investor acquiring Liszt Ferenc International Airport has been signed, Márton Nagy, the national economy minister, said on Thursday. “We’ve got it back: the airport is once again in Hungarian hands,” he said.
The purchase involving state-owned Corvinus Zrt acquiring an 80 percent stake was made in partnership with French-owned Vinci Airports, which acquired 20 percent, the minister said.
The purchase price was 3.1 billion euros. An agreement was reached with a consortium of lenders on extending 1.44 billion euros of loans taken out by Budapest Airport’s former owners, AviAlliance, owned by Canada’s Public Sector Pension Investment Board.
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11 Comments
sorry teachers, there is no money for you…
Wonder – how many NEW Hospital Wards, or NEW Class Rooms, places of EDUCATION – could have been PROVIDED by this “wasteful” purchase, through “abuse” of tax payers money, without DIALOGUE with the population of Budapest, Hungary.
Prioritization of this Orban led Fidesz Government, then what they have DELIVERED to Hungary over the 14 years in Government – APPALLING.
Teachers go into the teaching profession for the love of the work and devotion to the calling, not for the money. The teaching profession is poorly paid the world over;’ that is common knowledge.
If they’re interested in money, they shouldn’t be teachers.
Steiner Michael.
That is CRAP.
I have a Sister, who migrated to Australia 30 years ago.
She is 64 years of age.
She has taught at the same Primary School in a seaside suburb of Melbourne for 22 years.
She earns yearly – educating the “little ones ” a gross yearly salary of Australian 115.000.00 or 27.5 Million forint.
Annual Holidays has a payment loading of 17%
THEN there is SUPERANNUATION which is paid by LAW in Australian – to EVERY working INDIVIDUAL that is WORK in Australia.
The present rate – my SISTER exampled – on top of her annual salary, her holiday pay loading, her legally permitted for “illness” reasons days off per year fully paid – her SUPERANNUATION payment – into an account in her name – she is paid Australian another 11,000 or 2.6 Million forint.
The set rate under LAW in Australia is a rate of 11%
On retirement, presently she advises me at 67 years of age in Australia – her PARCEL of Australian Dollars – her money paid into her SUPERANNUATION account, that has EXPANSIVE use on retirement to DO with it what you choose, and extremely fair & reasonable tax rates of application – do the sums.
Sister say 32 years an Educator – no Principalship just a Primary School Educator – teaches Arts & Craft – over 32 years the POOL of Money – her MONEY – in her by Australian LAW – Superannuation Fund – she RIGHTFULLY deservingly, through her VOCATION to Education – will HAVE at her disposal.
Sister owns her house and has a rented property – money in the bank – she has a “Rightful” life after her retirement – to SMELL the Roses.
Sisters Husband – retired 2 years ago after working for the same company for 32 years and his SUPERANNUATION amount – MASSIVE.
Her Husband – uneducated worked in a Foundry.
Steiner Michael – LOOK at what living in a DEMOCRACY that is Australia, has PROVIDED my SISTER.
You commentate – what 40 plus cities places you have lived in the “longevity” of your life, married to a Hungarian Lady, member of the Fidesz Political Party, wanting Hungary out of the European Union – out of N.A.T. O. – objecting to, your opinion interference from the United States of America and Great Britain & Ireland, all country’s that are DEMOCRACY’s – believing that your ‘Demigod” – Victor Mihaly. Orban is the SAVIOUR of – the FUTURE of Hungary and that HUNGARY can Stand alone exists without DEMOCRACY reverting back to a country under Communistic Law, watching those Communist cars again out of your house window – BUT still avoid FAIL to COMMUNICATE to us – your “Blue Print” possible “Red Print” of HOW the country of Hungary can STAND alone ???
REMEMBER – the CORE componentry from population decline, an “ageing” population, deaths to new born ratio then the Financial & Economic “Doomed” factual place position that is Economic picture of Hungary – a government that HAS no MONEY to INVEST into Hungary – its present Needs and Future needs – the list, and this is just the “tip of an iceberg” – to SUGGEST even make mention that Hungary came SACK its Governance under DEMOCRACY and return to a Dictatorship under the Laws of Communism – WOEFUL and lacking greatly in intellectual comprehension and understanding.
Steiner Michael – you have been CHALLENGED in the past numerous times writing COMMENTS that on the subject you write your KNOWLEDGE, understanding in what you communicate is CRAP – wrong.
Traveling to – being taken, by your Demigod – Victor Mihaly. Orban – to Xanadu that “resembles” idealized place of Great or Magnificence and Beauty – all in “your dreams” – in Hungary’s DREAMS.
The fast approaching cataclysmic collapse of Hungary, the forces, the PRESSURIZATION on Hungary – through the DISTILLATION policies of DEMOCRACY played out by your “Demigod” – his FAILED economic & financial policies, and that of his Finance Minister – Mihaly Varga, what a “Dud” – sooner than later, unless your “Red Plan” of the SAVING survival of Hungary is NOT acted on – it’s ABILITY – Hungary – of self existence – life quality, of standards will humongously DECLINE.
Steiner Michael – enjoy the “Commie” Car viewings from the house window. //
Childhood revisited possible ?
In a couple of years this airport will be leased (for peanuts) for 35 years to the Viktator’s son in law, just like the toll-roads.
I know plenty of teachers living in different countries and not one of them has such low salaries compared to other professions as teachers have in Hungary. Michael Steiner is spreading propaganda to support Fidesz government bad decisions, as usual.
Fact: Teacher profession is not poorly paid all over the world.
Teachers choose their profession for the love of the work AND to make a decent income. Yes, teachers do also choose the profession because of money – to have good steady income. Poorly paid teachers are poorly motivated, and this is happening in Hungary now. Teachers are losing their “devotion and calling” and less students are interested in teaching profession as the Hungarian government show no respect to them and drive them into poverty while spending money on propaganda and poorly chosen investments.
Dear pessimist commenter obsessed with caps and verbal diarrhea: perhaps you should have followed your sister to the Australian utopia instead of posting all your negative comments.
Hajrá magyarok!
@DNH, I believe you are failing in moderating the comments…
@Steiner, if I follow your logic, Teachers shall work for free 😉
Dear FV, we approve comments that don’t actively wish harm on anyone/that don’t contain hate speech. We have actually been accused of “too strict moderating” and not allowing free speech before. 🙂 However, you are right, I can now see a comment that used strong language targeted at you. I will now delete it. Please don’t hesitate to let us know of any such incident in the future.
Mercedesz, I understand your point, I fully support any opinion, I do not support hate 😉 Anonymous can stop repost with the first sentence and it would be a fair comment 🙂
Isn’t Melbourne where they sent people to camps because the refused to get the Covid vax. Teachers that don’t have sister and additional rental . I hear the cost of living is half what it is here and even less crime. The bf money is from China
Teachers in the US make even more money. The whole month June is pride month and class rooms are decked out accordingly. Blow jobs for boys is in big demand in the school library in the sex for kids section. Parents who complain get a visit from the FBI. Home schooling is a big trend -you would be crazy to send your kids to a goverment school. I realize Melbourne suffered for 40 years under communism it makes there teachers salary’s that much more impressive. Like the US – public schools in China are far more advanced.