Hungary’s largest meat processor, Pick Szeged Szalamigyar Es Husuezem has purchased a controlling 53.3% stake in meat company Falcotrade from Arago Investment Holding, according to a joint filing made to the Budapest bourse by Pick and Arago today.
No purchase price for the deal has been released.
The deal, which is in line with analysts’ expectations after Pick signed a cooperation agreement with Falcotrade in June, is still awaiting approval from the competition authority. Both companies will submit a request for approval to the Council on Economic Competition.
Pick completed the acquisition through its subsidiary Ringa Meat Co and Falcotrade will now become part of the Pick group.
Arago is Pick’s largest owner, holding 41% of Pick and controlling the company’s boards and management.
Falcotrade, with registered capital of HUF599,999,000 (US$2.2m) and 428 employees, operates pig and cattle slaughterhouses and a fresh meat-packaging unit.