Porsche has announced it will sell its stakes in sports car makers Bugatti and Rimac in a deal with a consortium led by US fund HOF Capital, Reuters reported on Sunday.
According to the companies’ announcement, Porsche will sell its 45% stake in the joint venture Bugatti Rimac, established in 2021.
This company owns the French brand Bugatti and a 20.6% stake in the Croatian company Rimac.
The buying consortium is led by HOF Capital and is linked to the family of Egyptian billionaire Naguib Sawiris.
The decision comes at a time when Porsche’s new chief executive is focusing on reviving the company’s struggling flagship brand.
