Dr. Ing. h.c. F. Porsche AG / DE000PAG9113
18.08.2024 - 10:24:22Porsche and Varta deepen strategic partnership
| Dr. Ing. h.c. F. Porsche AG / Key word(s): Alliance 18.08.2024 / 10:24 CET/CEST The issuer is solely responsible for the content of this announcement. Sportscar manufacturer plans majority takeover of V4Drive Battery GmbH In this context, Porsche expressed the intention to participate in the financial reorganization of Varta AG Dr. Ing. h.c. F. Porsche AG and Varta AG are planning a comprehensive deepening of their existing strategic partnership. In this context, it is planned that Porsche will acquire a majority stake in V4Drive Battery GmbH via a capital increase mainly through a contribution in kind. In this entity, Varta pools its business with large-format lithium-ion round cells, which are used in the performance hybrid drive of the Porsche 911 Carrera GTS. The construction of a further production facility for booster cells in Nördlingen, which was decided in spring 2024 and advanced by Porsche, will continue as planned. The facility is scheduled to go into operation next year; Porsche wants to provide it as a contribution in kind to V4Drive Battery GmbH. It is planned that V4Drive will also address further customers beyond of Porsche. "Varta and Porsche are already working closely together on the topic of high-performance battery cells. With the planned majority takeover of V4Drive, we aim to drive the company forward and would make an important contribution to keeping key technologies in Germany”, said Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG. As Varta AG is planned to remain on board as a minority shareholder in V4Drive, Varta needs a stable financial basis. Against this backdrop, Porsche and further partners expressed their willingness to participate in the planned financial reorganization of Varta AG – as part of the intended restructuring process. The key details have now been logged in a term sheet. Porsche’s investment would amount to 30 million euros and would directly benefit Varta AG. The completion of the majority takeover of V4Drive is subject to antitrust approvals in various countries and the successful implementation of the financial restructuring of Varta AG. 18.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | Dr. Ing. h.c. F. Porsche AG |
| Porscheplatz 1 | |
| 70435 Stuttgart | |
| Germany | |
| Phone: | +497119110 |
| E-mail: | info@porsche.de |
| Internet: | https://www.porsche.com/international/ |
| ISIN: | DE000PAG9113 |
| WKN: | PAG911 |
| Indices: | DAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard) |
| EQS News ID: | 1969977 |
| End of News | EQS News Service |
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