Budapest Taxi has been purchased by Főtaxi, it has been revealed.
Főtaxi has now become one of the largest people carriers in the country, increasing its fleet from 1,500 to 2,000 vehicles.
According to BBJ, Budapest Taxi will continue to operate under the same name, but both companies will share the same resources.
In 2017, Főtaxi had after-tax profit of almost 400 million HUF on revenue of 2.2 billion HUF last year.
Főtaxi was established in Hungary more than 100 years ago, becoming the first taxi company in Hungary and the seventh in Europe.
"In recent years Főtaxi has grown extremely dynamically: the size of the fleet has trebled, in parallel with significant increases in passenger and ride numbers," said László Mohl, chairman of the board of Főtaxi.
Taxi firms in Budapest have become a lucrative business. Prices will increase signficiantly -- some fares nearly doubling -- when new rules come into effect this summer.
The current 450 HUF base rate will increase 55 percent to 700 HUF, the kilometer fare will rise to 300 HUF from 280 HUF and waiting time will cost 75 HUF per minute.