In the first half of next year, the Opus-Konzum group, which is preparing for the merger, will appear on the international capital market – Vilaggazdaság wrote on Monday.
Péter Fekete, vice president of Konzum, said the two companies successfully closed the capital increase series on Friday, resulting in the acquisition of Konzum with a capitalization of 350-400 billion forints to become a capital company share of more than 320 billion in Opus. With outsourced entries and acquisitions, Opus Global is almost seventeen years old, while Konzum Plc. Has a 14-fold increase in share capital.
Péter Fekete explained that Opus' equity rose by more than 250 billion forints, based on preliminary estimates, while selling its media portfolios. With the help of its current portfolio, Opus could produce a minimum of 20-25 billion HUF in EBITDA (interest, taxes and pre-amortization) in 2019, according to preliminary calculations. In two or three years, it is not unreasonable to reach 40-50 billion EBITDA forints, he added.
The sale of the media portfolio, according to the CEO, reflects more strategic directions. Péter Fekete said that media companies were sold above book value and that revenue was used to buy a 55% stake in state power company Power Power Invest Ltd., which owns the Mátra power plant. In addition, the transaction was also released from a significant debt load, "he noted.
The Konzum, which has a strong tourist portfolio, has also changed considerably. Its equity is estimated at more than 68 billion forints, with an EBITDA of approximately 6 to 7 billion. Consum's portfolio can reach tens of billions of EBITDA in the near future for two or three years, "said Péter Fekete.
He was informed that, with the authorization of the General Assembly on December 3, he will begin to elaborate the details of the merger, the result of which will be presented to shareholders for a new extraordinary general meeting next spring. Upon their approval, a cancellation request for Konzum can be filed on the Budapest Stock Exchange and the launch of the new Opus shares can begin.
At the current stage of the transaction, Fekete Péter has not yet been able to report the stock exchange ratio, he believed they would be able to provide details about them in early February-March. He stressed that they certainly want fair accounting with corporate shareholders, and an independent international investment bank is also involved in setting the exchange rate. He indicated that it is planned to appear on the international capital market also in the first half of 2019.