Porsche, the renowned German car manufacturer, has reached an agreement to acquire a majority stake in V4Drive Battery. This move is a key element of Porsche's broader restructuring strategy, which will be bolstered by an investment of €30 million from the company.
Lutz Meschke, Deputy Chairman of Porsche AG, emphasized, “Varta and Porsche are already collaborating on high-performance battery cells. By taking a majority stake in V4Drive, we aim to advance the company and help maintain key technologies within Germany.”
Varta CFO Marc Hundsdorf added, “Today’s commercial agreement marks a significant step towards a sustainable future for Varta. With the restructuring measures and investor commitments, we have strengthened our balance sheet and secured long-term financing and liquidity. This will enable us to fully realize Varta’s potential for innovation, technology leadership, and continued reliability as a partner and employer.”
Varta has announced a restructuring plan involving its “strategic” creditors and lenders. This initiative aims to cut its financial liabilities from €485 million to €200 million. As part of the plan, Varta's majority shareholder, Michael Tojner, and Porsche will become new shareholders. They will each contribute €30 million of new equity, with existing lenders providing an additional €60 million. This restructuring will ensure Varta AG's financial stability until the end of 2027.
In addition to injecting capital into Varta, Porsche will acquire a majority stake in Varta’s battery subsidiary, V4Drive. This subsidiary, which focuses on large-format lithium-ion round cells used in the Porsche 911 Carrera GTS, is still pending antitrust approvals in various countries. Porsche's investment includes the construction of a new plant for these cells in Nördlingen, Bavaria, which will be provided as an in-kind contribution to V4Drive Battery GmbH. The plant will also serve other customers beyond Porsche.
Lutz Meschke, Deputy Chairman of Porsche AG, emphasized, “Varta and Porsche are already collaborating on high-performance battery cells. By taking a majority stake in V4Drive, we aim to advance the company and help maintain key technologies within Germany.”
Varta CFO Marc Hundsdorf added, “Today’s commercial agreement marks a significant step towards a sustainable future for Varta. With the restructuring measures and investor commitments, we have strengthened our balance sheet and secured long-term financing and liquidity. This will enable us to fully realize Varta’s potential for innovation, technology leadership, and continued reliability as a partner and employer.”
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