Volkswagen acquires Porsche Holding Salzburg for $4.56 billion
02 Mar 2011
German carmaker Volkswagen AG has acquired Porsche Holding Salzburg (PHS), the automobile trading business of the world's leading sports car maker, for €3.3 billion (around $4.56 billion).
The move is aimed at integrating the automotive group of Volkswagen and Porsche, Volkswagen said in a release.
"The business performance of Porsche Holding Salzburg is outstanding. It is one of the world's most efficient and profitable automobile trading companies and will, therefore, significantly strengthen the Volkswagen Group's sales activities," Martin Winterkorn, CEO of Volkswagen Aktiengesellschaft, said.
The acquisition, which was already foreseen in a comprehensive agreement, is in accordance with Volkswagen's previous announcements.
PHS, Winterkorn added, has industry-leading systems and processes and enormous experience in the retail sector. "Where meaningful, we will be transferring this know-how to the Group, thereby further enhancing the performance of our overall sales activities," he added.
Volkswagen will acquire all of PHS's wholesale and retail automobile operations, Porsche Informatik, Porsche Bank, Porsche Immobilien and Porsche Versicherung as well as the Paris-based PGA Motors.