GERMANY: Porsche Automobil Holding is to invest ‘a low double-digit million amount’ in international train and coach company Flix as part of a co-investment with the EQT Future fund.
EQT together with Porsche SE, Kühne Holding and co-investors are to acquire a stake of around 35% percent in Flix.
Porsche SE holds the majority of the ordinary shares in automotive company Volkswagen AG and 25%+1 share of the ordinary shares in luxury car maker Porsche AG. It also has minority shareholdings in technology companies in North America, Europe and Israel, including ABB and PTV Logistics, and invests in private equity and venture capital funds.
Porsche SE said Flix it would be its first investment in a platform provider in the consumer market. Subject to regulatory approvals, the transaction is scheduled to complete by the end of 2024.
‘Flix is an impressive success story’, said Lutz Meschke, Porsche SE management board member responsible for investments, on August 12. ‘We see great growth potential for sustainable and affordable mobility services in the future and are looking forward to supporting Flix as it continues to expand its platform globally’, said Meschke. ‘The joint investment with EQT exemplifies our approach to work with globally leading investors to implement our investment strategy.’
