The left sold it out, we got it back! Prime Minister Viktor Orbán said on his social media page.
Minister of National Economy Márton Nagy announced that the airport is back in Hungarian hands.
After more than a year of intensive negotiations, the purchase contract of Budapest Airport Zrt. was signed on June 6, 2024. This concluded the transaction, so after almost 20 years, the airport returned to national majority ownership, the announcement states.
The Gyurcsány government squandered this national treasure in 2005, as it entered into an extremely unfavorable asset management contract for the state. Ownership of the airport is a matter of sovereignty, which is of strategic importance not only for passenger transport and tourism, but also for the transport of goods, one of the mainstays of economic circulation, they wrote.
That is why it was a historical crime committed by the dollar left in 2005 with the mistaken privatization of the airport. All this was further compounded by the fact that the sale took place during an economic boom, in peacetime, they added.
The current government, on the other hand, was able to correct this unforgivable mistake and buy back the airport, even in the midst of the current war, the announcement states.
It is the most complex and most valuable economic transaction of the period after the regime change
It was highlighted in the information: the repurchase of Budapest Airport Zrt. is the most complex and most valuable economic transaction of the period after the regime change. The negotiations took place in two rounds on the part of Corvinus International Investment Zrt. and VINCI Airports. The deal was made with an international group of sellers made up of AviAlliance, GIC and CDPQ. On the other hand, an agreement was also reached with the circle of international creditors financing the airport to close the transaction.
The purchase transaction also represents a record size in Central European terms. The buyback was an extremely complicated task, since while selling the airport is easy, buying it back is difficult, they wrote.
As a result of Thursday's agreement, the Hungarian state will acquire an 80 percent ownership share in Budapest Airport Zrt. in proportion to the purchase price, and the French co-investor VINCI will acquire 20 percent.
The purchase price was EUR 3.1 billion, and with the successful agreement with the creditor consortium, the EUR 1.44 billion loan taken out by the previous owners was extended, the announcement states.
After long preparations, as a result of the agreement, the state cooperates with a partner with extraordinary expertise, which operates world-class airports in more than 70 locations across continents, emphasizes the NGM.
The speed of the airport's repurchase is considered extraordinary
According to their information, business-based negotiations took place between the interested parties throughout the buyback process, and the cooperation took place in the spirit of partnership. The speed of repurchasing the airport is considered extraordinary, as it is not uncommon for an agreement of this volume anywhere in the world to take many years.
In order to buy back, the state sold several assets. In the recent period, Corvinus International Investments Zrt., which is 100% owned by the Hungarian state, successfully sold its shares in Erste Bank Hungary Zrt. ).
The financial closing of the three deals resulted in significant revenue of more than 700 million euros (almost HUF 270 billion) for the state, which it used to finance the repurchase of the Budapest airport. The remaining part of the purchase price was financed by Corvinus International Investment Zrt. from the development loan received from Eximbank, as well as from the capital increase implemented by the budget, NGM announced.
The repurchase of the airport was successfully completed despite the fact that the domestic left-wing, pro-war media scuttled the deal wherever they could.
Articles with malicious intent, belonging to the genre of fiction, often smiling professionally, and spreading false rumors appeared regularly, they wrote.
Now the real work begins
The work does not stop with the buyback. In fact, it is only really starting now, as the Hungarian government and the French co-investor-operator will work to make the Budapest airport one of the best not only in the region, but also in the world. Through tourism and cargo, the airport will make a significant contribution to further strengthening the character of our country as a meeting point, i.e. with the airport we will further strengthen the connection of Western and Eastern capital and high technology in our country, they added.
The government's expectations are clear: an airport that serves the population and the economy at a high level is needed. The airport's future objectives and business plan will be presented by the owner's Ministry of National Economy and VINCI in a joint press conference at the beginning of July, NGM announced.
MTI
Photo: Viktor Orbán's Facebook page
