Published: December 14 2023
The European Commission has approved the acquisition of Budapest Airport by Corvinus International Investment and VINCI SA. The Hungarian government intends to ensure the future operation and related services of the airport through companies under majority state control. Amendments to the law have been adopted to guarantee the creation of a modern airport that meets 21st century standards.
Acquisition of Budapest Airport
The European Commission has given its approval for the acquisition of Budapest Airport by Corvinus International Investment and VINCI SA. This transaction mainly concerns the airport management sector and has been examined under the simplified merger control procedure.
Guaranteeing Future Operation of Budapest Airport
The Hungarian government has expressed its intention to ensure the future operation and related services of Budapest Airport through companies under majority state control. Amendments to the law have been adopted to support this goal. This will contribute to the creation of a modern airport that meets 21st century standards and improves the performance of the tourism and logistics sectors.
Timeline of the Acquisition
In September, it was announced that the government made a takeover bid for a majority stake in Budapest Airport. The specific buyer is believed to be a state-controlled investment company, with the minority stake held by the French company VINCI SA. In October, changes were made to the aviation law to prepare for the takeover. In November, the government sold its stake in the Hungarian subsidiary of Erste Bank, confirming speculation that the funds would be used to purchase the airport.
Conclusion
The acquisition of Budapest Airport has been approved by the European Commission. The Hungarian government plans to ensure the future operation and related services of the airport through companies under majority state control. Amendments to the law have been made to support the creation of a modern airport that meets high standards and improves the tourism and logistics sectors.
Questions & Answers
Who has acquired Budapest Airport? Budapest Airport has been acquired by Corvinus International Investment and VINCI SA.
What sector does the acquisition mainly concern? The acquisition mainly concerns the airport management sector.
Has the European Commission approved the acquisition? Yes, the European Commission has approved the acquisition of Budapest Airport by Corvinus International Investment and VINCI SA.
Was there any competition concerns raised by the acquisition? No, the European Commission concluded that the proposed concentration does not raise competition concerns as the parties are not present in the same market or in vertically related markets.
What is the aim of the amendments to the law adopted in relation to Budapest Airport? The aim of the amendments to the law adopted is to guarantee the future operation and related services of Budapest Liszt Ferenc International Airport, following its purchase, through companies under majority state control.
Who is the specific buyer of the majority stake in Budapest Airport? The specific buyer of the majority stake in Budapest Airport is allegedly a state-controlled investment company.
Which company is expected to hold the minority stake in Budapest Airport? The minority stake in Budapest Airport is expected to be held by the French company VINCI SA, one of the largest airport operators in the continent and the region.
What changes were made to the aviation law in relation to Budapest Airport? In October, the Ministry of Economic Development made changes to the aviation law, preparing the ground for the takeover of Budapest Airport.
What stake did the government sell in order to buy Budapest Airport? The government sold its 15 percent stake in the Hungarian subsidiary of Erste Bank in order to buy Budapest Airport.
