Wednesday, 28 October 2026
Hungarian property investment group WING has announced plans to increase its ownership of Polish developer Echo Investment through a voluntary tender offer for the company’s remaining shares. The transaction will be conducted by Lisala, a wholly owned subsidiary of WING and the majority shareholder of Echo Investment, with an offer price of PLN 5.20 per share.
The tender offer was announced on 28 October 2026, following notification to the Polish Financial Supervision Authority (KNF) on 2 October. Shareholders will be able to submit their shares between 30 October and 30 November 2026, with settlement currently expected on 7 December.
According to WING, the proposed price represents a premium of approximately 0.58% over Echo Investment’s six-month volume-weighted average share price calculated before the initial regulatory notification. The relatively limited premium means the offer is positioned primarily as an opportunity for the existing majority shareholder to consolidate its ownership rather than as a transaction involving a substantial premium to historical trading levels.
Despite seeking to acquire all outstanding shares, WING has stated that it intends to maintain Echo Investment’s listing on the Warsaw Stock Exchange. The group also plans to preserve the company’s existing business profile and continue supporting its development activities in Poland.
The transaction is linked to Polish capital market regulations governing increases in ownership by existing controlling shareholders. Transitional provisions introduced in 2022 apply to investors that held more than 50% but less than 66% of voting rights as of 30 May 2022. Under these provisions, further acquisitions can trigger a requirement to announce a tender offer, providing the regulatory framework for Lisala’s proposed transaction.
Noah M. Steinberg, Chairman and CEO of WINGHOLDING, said the group considers Echo Investment a long-term strategic investment and intends to strengthen its ownership while maintaining the benefits associated with the company’s public listing. WING has indicated that it does not anticipate changes to Echo Investment’s principal business activities following the transaction.
The offer includes conditions established under applicable regulations, although Lisala has reserved the right to proceed with the acquisition even if certain conditions are not satisfied. The eventual change in ownership will depend on the number of shares tendered by existing shareholders and the completion of the transaction.
Echo Investment is one of Poland’s established property development companies, with activities spanning residential and commercial real estate. Its position within WING’s wider Central European portfolio provides the Hungarian group with exposure to the Polish development market alongside its operations in Hungary and Germany.
WING also controls German property developer BAUWERT and reports a combined development portfolio of approximately six million sqm across its principal European markets. The group’s investment strategy encompasses residential and commercial property development, together with long-term ownership interests in real estate businesses.
For Echo Investment, the tender offer represents a potential further concentration of ownership under its existing controlling shareholder rather than a change of corporate control. The extent of any increase in WING’s indirect shareholding will become clearer following the subscription period, while the company’s continued stock exchange listing remains an explicitly stated objective of the offeror.
