A subsidiary of the Mathias Corvinus Collegium Foundation has signed a contract with SQ Invest Ltd. for the acquisition of a 67.48 per cent stake in the Libri Group. With this transaction, MCC, the previous indirect minority owner, becomes the 98.41 per cent majority owner of the leading player in the Hungarian book retail and publishing market. The composition of the company’s management will remain unchanged, and the previous majority owner will remain on board to support the further development of the Libri Group.
Since April 2021, MCC has been a minority shareholder of the Libri Group, during which time the company has shown significant progress and achieved even greater success in its business and finances. By increasing its stake to 98.5 per cent, MCC aims to provide added value to the group as a strategic and financial investor, while the professional management with decades of experience in the book market will continue to oversee the company’s operations.
‘I would like to express my gratitude to all Libri employees for the past 30 years. Without them, the company would not be where it is today. I am pleased to have sold the company to an investor who is committed to the Hungarian book market. I will not leave the company; I will continue to support Libri as a member of the board of directors,’ Ákos Balogh, the founder of Libri emphasised in a statement.
‘As the largest talent development institution and knowledge base in Central Europe, the Mathias Corvinus Collegium believes in the Hungarian book market, the power of books, and culture. This step aligns with the MCC’s multifaceted activities. We have had successful years with the Libri Group, and MCC considers its previous stake as a good investment in every sense. Therefore, increasing our ownership stake was the most logical step. As a committed and financially strong owner, we guarantee the future of Hungarian books in the long term,’ MCC Director General Zoltán Szalai said.
The conclusion of the transaction is subject to approval by the Hungarian Competition Authority, and the process for obtaining this approval has already begun.
The Libri Group is a key player in the Hungarian book retail and publishing market. The group’s member, Libri Könyvkereskedelmi Kft., serves millions of customers annually through its nationwide network of 57 bookstores and its online store.
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