VW Everllence sale contingent on Porsche SE investment
Volkswagen will sell a majority stake in Everllence if Porsche SE joins as a co-investor. Six bidders remain for the deal valuing the firm at 8 billion euros.
Volkswagen AG is reportedly making the sale of a majority stake in its Everllence subsidiary contingent on Porsche SE becoming a co-investor. According to sources familiar with the matter, the holding company would acquire a stake of approximately 10% in the manufacturer of large marine engines and industrial heat pumps. While Volkswagen has been seeking bids for the unit for several months, the requirement for Porsche SE—the investment vehicle for the Piech and Porsche families—to take a minority position was not previously known. Currently, six financial investors have moved to the second stage of the bidding process for a 51% stake. These offers value the entirety of Everllence at roughly 8 billion euros ($9.25 billion).
