Private Equity, Venture Capital Firms Want to Buy Porsche Out of Bugatti: Report [Yahoo! Finance]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
NASDAQ:AMEX Investor Relations:
porsche-se.com/en/investor-relations
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Source: Yahoo! Finance
Earlier this year, Mate Rimac, founder of Rimac Automobili and current CEO of Bugatti Rimac, expressed serious interest in buying out Porsche's 45 percent ownership stake in the French-born automaker, with Rimac reportedly offering $1.1 billion for Porsche's piece. The needle hasn't moved much since then, at least in the public eye—but a new report from Bloomberg suggests a pair of private equity investment groups are now bidding for a share of Bugatti. Venture capital firm HOF Capital and private equity firm BlueFive Capital have teamed up to buy out Porsche's stake in the Bugatti business, according to Bloomberg . But the private equity firms are not throwing their hats in the ring to antagonize Rimac, at least not at a glance. Reportedly, HOF Capital and BlueFive Capital would buy out Porsche's shares in Bugatti in addition to taking over Porsche's investments in Rimac. Those familiar with the deal told Bloomberg that it is allegedly valued at $1.2 billion. A spokesperson for
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