Hungarian logistics group Waberer’s International is to acquire a 70 per cent stake in Gysev Cargo, further strengthening its domestic and regional rail logistics capabilities. Gysev Zrt., the current 100 per cent owner of Gysev Cargo, will retain a 30 per cent stake in the company following the transaction.
A sale and purchase agreement for Gysev Cargo makes provision for Waberer’s to acquire a 62.5 per cent stake in Gysev Cargo, with a commitment to a further capital increase in the company after the closing of the transaction – valued at around two billion Hungarian forints (4.8 million euros) – which will increase Waberer’s stake to 70 per cent.
Earlier this year, Waberer acquired a 51 per cent stake in Petrolsped Budapest. Petrolsped (PSP Group) which provides rail logistics services mainly in Hungary and Romania, either directly or through its subsidiaries, Pultrans and PSP Cargo Romania. This marked Waberer’s entry into the rail freight market.
Increasing Waberer’s rail freight share
Closing of the transaction is expected at the end of the first half of 2025, subject to the fulfilment of the conditions set out in the sale and purchase agreement and the completion of the Hungarian and Austrian regulatory procedures. Zsolt Barna, chairman and CEO of Waberer’s International said that via PSP Group and Gysev Cargo will now have access to rail terminal operations in Szeged, Debrecen and in Sopron on the western border of Hungary, covering the country’s main automotive hubs and be able to provide long-distance rail transport services in Romania, Hungary and Austria.
“We plan to use the Gysev Cargo fleet to significantly increase the available profit margin on the services of PSP Group, which is currently mostly working with sub-contractors in Hungary,” he explained. Waberer’s also plans to “accelerate the migration of freight transport from road to rail” in order to reduce its environmental impact. “And we plan to reach a significant new customer portfolio with a rail fleet that now covers three countries so that the synergies to be achieved could significantly improve the return of our current investment,” Barna added.
Gysev Cargo
Gysev Cargo is Hungary’s second largest rail transportation service provider and offers services in Hungary directly and in Austria through 100% subsidiary, Raaberbahn Cargo Gmbh, partly with its own and also a rented fleet. Gysev Cargo and Raaberbahn Cargo combined posted an EBIT of 598 million forints (1.5 million euros) and a profit after tax of 544 million forints (1.3 million euros) in 2023 on a turnover of 28.4 billion forints (69 million euros).