Hungary

The Hungarian M&A market continued its downward of from the last few years and ended with 98 deals on record. While the overall deal value also came down, the silver lining is that the average deal value increased to EUR 27.5m, up EUR 9.8m y-o-y.

There has been a trend for M&A activity in the telecoms & IT sector represented by an increase in the number of deals which were recorded in 2019, up six y-o-y. Despite real estate & construction deals being down y-o-y, they continue to make up the majority of deals in the region with 30 being concluded in 2019. Activity is mainly driven by domestic investors who were responsible for seven out of the top ten investments.

Volume and number of deals

HUNGARY graph

Top five deals

Telecoms

#1

Target: Telenor Magyarorszag; Telenor Real Estate Hungary
Sector: Telecoms & IT
Stake: 25%
Buyer: Antenna Hungaria
Country of buyer: Hungary
Deal Value: EUR 302,3m
Value Source: 2

Energy

#2

Target: EMASZ – North-Hungarian Electricity; ELMU
Sector: Energy & Utilities
Stake: 26.83%; 27.25%
Buyer: E.ON
Country of buyer: Germany
Deal Value: EUR 249,5m*
Value Source: 3

*Deal value estimate based on E.ON offering HUF 31,701 per share for EMASZ and HUF 34,585 per share for ELMU.

Real estate

#3

Target: Duna, Corvin, Gyor and Miskolc shopping centres
Sector: Real Estate & Construction
Stake: 100%
Buyer: Indotek Group
Country of buyer: Hungary
Deal Value: EUR 217,5m
Value Source: 1

Mining

#4

Target: Magyar Gaz Tranzit
Sector: Mining (incl. oil & gas)
Stake: 100%
Buyer: MOL
Country of buyer: Hungary
Deal Value: EUR 113,7m
Value Source: 1

Real estate

#5

Target: Sofitel Budapest Chain Bridge
Sector: Real Estate & Construction
Stake: 100%
Buyer: Indotek Group
Country of buyer: Hungary
Deal Value: EUR 100m
Value Source: 2

Value Source:

  1. Official data
  2. Market estimate provided by EMIS and based on publicly available information
  3. EMIS estimate

Top three sectors

Real estate

Real Estate & Construction:
30 deals

Telecoms

Telecoms & IT:
17 deals

Manufacturing

Manufacturing:
12 deals

Download report button
Next country button

Key Contacts

Picture of Eva Talmacsi
Eva Talmacsi
Partner
Picture of Aniko Kircsi
Anikó Kircsi
Partner
Head of Corporate/M&A, Head of Consumer Products