Porsche has formally completed the sale of its stakes in the Bugatti Rimac joint venture and in Rimac Group. The company agreed back in April to sell its 45% holding in Bugatti Rimac as well as its 20.6% stake in Rimac Group, but the transaction took several months to close while the parties waited for regulatory approvals.
The buyer is a consortium led by HOF Capital. Following the deal, it has become the largest shareholder in Rimac Group with a 23.5% stake in the Croatian company. HOF Capital also acquired Porsche’s 45% stake in Bugatti Rimac. BlueFive Capital, which also took part in the transaction, has become the second-largest shareholder.
The ownership change was accompanied by adjustments to Bugatti’s management structure. At the same time, Rimac founder Mate Rimac has remained in charge of the company.
In exchange for its holdings in Bugatti and Rimac, Porsche received about 1 billion euros. Around 250 million euros of that sum will be used by the German manufacturer to meet pension obligations.
According to the source, Porsche was forced to sell its Bugatti stake amid financial pressure. The company posted heavy losses last year and is now revising its model lineup to focus only on the development of high-profit vehicles, while also reducing headcount.
