January 5 (SeeNews) - Hungary-based investment company AutoWallis said on Wednesday that Slovenia's competition authority has approved its acquisition of local car dealer Avto Aktiv.
The approval is an important condition for the successful completion of the transaction and will strengthen the position of AutoWallis on the regional market, the buyer said in a statement.
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AutoWallis aims to take advantage of the synergies with Avto Aktiv to further develop its presence in Slovenia and is currently exploring a new acquisition opportunity in the country, Peter Antal, head of AutoWallis' retail business, said.
The price of the transaction was not disclosed.
AutoWallis said in September it signed a binding agreement to acquire Avto Aktiv.
In October, AutoWallis closed the acquisition of A-Cosmos, the only BMW dealership in Slovenia, thus entering the country's automotive retail market.