Steinhoff International Holdings Ltd. is acquiring a majority stake in Extreme Digital, while OTP Bank and PortfoLion have purchased Szallas.hu, aligning with the rapid growth of Hungary's online retail market.
Information on the Target
Steinhoff International Holdings Ltd. is set to acquire a majority stake in Extreme Digital, pending approval from the Hungarian Competition Authority (GVH). Following this transaction, the management team at Extreme Digital will remain unchanged, but the company will gain access to additional resources to facilitate geographical expansion and will also diversify its product offerings to include furniture.
In another significant move, OTP Bank and the PortfoLion private equity fund purchased 100% of Szallas.hu Kft. from Central Médiacsoport in October 2015, thereby strengthening OTP's travel portfolio with an online travel brokerage system.
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Industry Overview in Hungary
The Hungarian online retail market has witnessed remarkable growth, escalating from 65.6 billion HUF in 2008 to 273 billion HUF. After an intense growth phase from 2008 to 2010, growth did mo
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