Following the letter of intent signed in July, Waberer’s conducted a detailed financial, legal and technical due diligence and agreed with the owners of Petrolsped on the details of the purchase of the stake and the syndicate agreement for the future joint management of the company.
The transaction is expected to be completed in early 2024, following the fulfilment of the conditions set out in the sale and purchase agreement and the completion of the usual regulatory procedures.
According to Waberer’s previous statement, the acquisition will significantly enhance its rail logistics capabilities, in line with its announced strategy to diversify its service portfolio.
The Hungarian-owned Petrolsped Group is mainly active in the provision of rail logistics services in Hungary and Romania for both bulk and specialised rail transport, either directly or through its subsidiaries – Pultrans and PSP Cargo Romania.
Similar to Waberer’s road transport business, the Petrolsped group combines flexible transport services with the help of subcontractors and rail transport services with its own fleet of locomotives and wagons.
The main groups of goods delivered by the company include agricultural products, raw materials for the construction industry or power plants, oil products and vehicles.
Petrolsped is in the final phase of the construction of a modern intermodal terminal in the southern part of Hungary, which can provide an optimal basis for intermodal transport between the Balkans and Western Europe.
According to publicly available company data, the consolidated turnover of the Petrolsped Group increased from HUF 13.930 billion (approx 37 million euros) in the previous year to HUF 21.064 billion (approx 55,9 million euros) in 2022, and the adjusted profit after tax increased from HUF 421.372 million to HUF 1.348 billion in the same period.
Waberer’s International Nyrt.’s consolidated sales according to IFRS increased to 675.9 million euros last year from 590.8 million euros the previous year. Profit after tax fell from EUR 23.1 million to EUR 16.2 million over the same period.
Waberer’s shares have been listed in the premium category of the Budapest Stock Exchange since 2017, with the paper closing Thursday’s trading at HUF 2,850 (approx euro 7.56). Last year, the share price reached a minimum of HUF 1,750 (approx 4.64 euros) and a maximum of HUF 2,960 (7.85 euros).