Porsche sells stakes in Bugatti owner Rimac

(Sharecast News) - Luxury automaker Porsche said it was selling its stakes in Bugatti Rimac and Rimac Group to a consortium led by HOF Capital, a New York-based investment firm.

Porsche and Rimac established Bugatti Rimac as a joint venture in 2021 to serve as home to the iconic Bugatti brand with Porsche holding a minority stake of 45%.

The German firm will also sell its 20.6% stake in Rimac Group to the HOF Capital-led consortium which includes BlueFive Capital as its largest investor, as well as a group of institutional investors across the US and EU.

"Following completion, Rimac Group is set to take control of Bugatti Rimac and form a strategic partnership with HOF Capital and BlueFive Capital to support its continued growth," the company said in a statement on Friday.

Reporting by Frank Prenesti for Sharecast.com