News
Porsche Acquires A 32 Percent Stake In Battery Manufacturer Varta
The German car manufacturer Porsche will take over a 32 percent stake in the battery manufacturer Varta after investing 60 million euros in the ailing company.
This deal will allow Varta to reduce its debt and allow Porsche to gain access to high-performance batteries for its hybrid and electric cars, according to Srna. The German battery manufacturer will reduce its debt from 485 million euros to 200 million euros, Euronews reported.
The same additional share will be received by the current majority owner Michael Toyner, who will also invest 60 million euros. The existing lenders, who will own the remaining 36 percent of Varta, have agreed to pay 60 million euros in loans until December 2027. These loans will have to be repaid before other loans in case of bankruptcy of the company.
In addition to investing in the entire group, Porsche announced that it will take a majority stake in the V4Drive division, which within Varta focuses on the production of lithium-ion batteries.
