AutoWallis Group Issues EUR 20 mln Bond to Fund Int'l Expansion
Summary
The bonds, issued with favorable terms, have a 10-year maturity and include a five-year principal repayment grace period. This move aligns with AutoWalliss updated strategy, unveiled earlier this year, which outlines plans for 2-3 acquisitions and significant growth in the coming years.In November, AutoWallis announced the largest acquisition in its history with an agreement to acquire 100% of the Czech-based Milan Kr\xe1l Group. This transaction, expected to close by the end of 2024, will enhance AutoWalliss position in the Czech BMW retail market while also adding Mercedes-Benz and Ford to its brand portfolio. Additionally, the deal introduces new activities, including the sales and servicing of Mercedes-Benz Trucks.The EUR 20 mln bond issue, combined with operational profits, will support AutoWalliss investment plan of HUF 80 bln by 2028. The company aims to achieve annual revenues of HUF 750 bln and EBITDA of HUF 40 bln by 2028, doubling its 2023 results.AutoWallis is listed on the Prime Market of the Budapest Stock Exchange and continues to position itself as a leading regional provider of car sales and mobility services.