Alpac Capital is a Portuguese investment management firm which invests in European companies ranging from telecom operators, industrial and agribusiness companies to healthcare, mass media and renewable energy, among other businesses.


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It was founded in 2013 and is headquartered in Lisbon. Besides its global headquarters in Lisbon, the firm also has regional offices in Budapest and Dubai. Alpac Capital makes equity investments in order to achieve active involvement in the business development of its investees.

Key people

The CEO of Alpac Capital is Pedro Vargas David, a Portuguese businessman whose father is Mário David, a long-time associate, advisor and friend to Hungarian Prime Minister Viktor Orbán.[1][2]

Investments by industry


In December 2021, Alpac Capital signed an agreement to buy the controlling stake in Lyon-based broadcaster Euronews from Egyptian telecoms magnate Naguib Sawiris.[3][4][5]


  1. ^ Molly Killeen (Dec 22, 2021). "Personal and professional links between Orbán and new Euronews owner".
  2. ^ Samuel Stolton & Lili Bayer (December 21, 2021). "Euronews defends independence after buyout by Hungary-linked firm - Father of Alpac Capital's CEO has close ties to Hungarian Prime Minister Viktor Orbán".
  3. ^ Portuguese investor will buy Euronews (Politico)
  4. ^ Egypt's Sawiris to sell struggling broadcaster Euronews to Alpac Capital (Reuters)
  5. ^ Euronews changes hands with global ambitions in sight (Euractiv)