AKKO Invest is planning on further acquisitions following the purchase of NEO Property

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Budapest, February 26, 2021 – AKKO Invest has successfully completed the acquisition of NEO Property Services Zrt. The HUF 18.5 billion worth acquisition, which is rather significant in the Hungarian facility management and property services segment, was financed by AKKO’s own financial resources and bank loans, and the seller was the WING Group. NEO is on a dynamic growth path: its revenue has been almost doubled since 2015, and it is planning on acquisitions and introducing new services in the future, besides the continued organic growth. AKKO Invest, listed in the Premium category of the Budapest Stock Exchange, is examining the possibility of further acquisitions following the closing of this transaction, with the aim of becoming a major asset manager in the Hungarian capital market. In order to finance its growth, the asset manager had decided earlier about a maximum tenfold increase of its share capital.

AKKO Invest Nyrt. has purchased one of the leading facility management and property services companies in Hungary, NEO Property Services Zrt. (previously STRABAG Property and Facility), listed in the Premium category of the Budapest Stock Exchange, for HUF 18.5 billion from the WING Group. NEO achieved a HUF 23.3 billion revenue and a HUF 1.5 billion EBITDA (earnings before interest, tax, depreciation and amortization) in 2019, and based on preliminary data, the company continued to grow in 2020 as well. NEO is on a dynamic growth path: its revenue has been almost doubled since 2015, and it is planning on acquisitions and introducing new services in the future, besides the continued organic growth. The transaction was financed by AKKO‘s own resources and the 15-year loan of HUF 12 billion provided by OTP Bank Nyrt.

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