Business
Porsche AG Eyes Wider Margins After $1.2 Billion Sale of Bugatti, Rimac Stakes
Porsche AG said it expects its profitability to get a boost from the nearly $1.2 billion the company netted from its sale of stakes in a venture producing sports-car label Bugatti and in electric-vehicle maker Rimac Group.
The luxury-auto maker on Wednesday completed the sale of its 45% stake in Bugatti Rimac—its joint venture with Rimac housing Bugatti—and its 21% stake in Rimac itself, a deal announced in April this year. The German group, looking to focus on its core business, sold its stakes to a consortium led by U.S.-based investment firm HOF Capital, and which includes Abu Dhabi-based BlueFive Capital as its largest investor.
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