Thus, the new entity will have an overall turnover of EUR800 million.
Autonet companies will be comprised within a holding, with SAG owning 51% of the shares, and the existing Autonet shareholders 49%. SAG and Autonet will continue to operate separately within their own markets, the company said.
Autonet’s current management and shareholders will remain in charge with the holding’s day to day operations, which will continue to service the current customer profile.
The two groups jointly cover seven countries – Romania, Hungary, Slovenia, Slovakia, Switzerland, Austria and Belgium. The two companies are members of the same buying group, ATR International AG, one of the biggest associations of companies, with an estimated turnover of EUR14 billion for 2015.
“We are looking forward with confidence to this alliance, which will result in the emergence of an entity comparable by size with the largest European players within the field. Together with SAG, we will be able to consolidate our leading position in the Romanian market, as well as to accelerate our growth across the other markets – Hungary, Slovenia and Slovakia. Autonet and SAG are targeting a total turnover of one billion euro during the following years,” said Mihály Lieb, shareholder at Autonet and member of the Supervisory Board at ATR International AG.
The transaction is pending clearance from competition authorities.
Autonet group currently employs 1,500 people.