- Without Porsche’s influence, Mate Rimac will steer Bugatti’s future.
- Mate Rimac spent more than 18 months trying to buy out Porsche.
- Porsche has earned €1 billion ($1.16 billion) from the deal.
When the VW Group transferred ownership of Bugatti to a new venture between Rimac and Porsche in 2021, the goal was to use Rimac’s expertise to build an all-electric Bugatti. Instead, Mate Rimac spearheaded the creation of the V16-powered Toubillon, and now, VW and Porsche’s ownership stakes in the iconic French brand have officially shrunk to zero.
Following a deal first announced in April, a consortium of investors, including HOF Capital, BlueFive Capital, and other US and European investors, has finalized the purchase of Porsche’s 21 percent shareholding in Rimac Group and its 45 percent stake in the Bugatti Rimac joint venture. Put simply, it’s a big deal.
Read: Porsche’s Profits Fell 93%, So It’s Selling Bugatti And Rimac
For more than 18 months, Mate Rimac had been trying to find a way to obtain greater control over the future of the Bugatti brand. He expressed frustration with the complexity of making long-term decisions and investments for the company, noting that ideas had to pass through the Porsche-Piëch family before approval. For an entrepreneur like Mate Rimac, used to taking the lead and doing things quickly, this proved to be an issue.
With the deal now finalized, Mate Rimac can steer Bugatti’s future direction more easily. Bugatti Automobiles president and Bugatti Rimac chief operating officer Christophe Piochen will step down, and Mate will become Bugatti’s new president. Former Rimac Technology chief operating officer Marko Brkljačić will now serve as Bugatti Rimac’s COO.
What Does Porsche Get?
Porsche isn’t walking away from the deal empty-handed, though, revealing it’s earned €1 billion ($1.16 billion) from the same deal, including €250 million that will be dedicated to funding pension obligations.
“I am really happy that the deal with Porsche and HOF Capital has been completed,” Mate Rimac said. “Porsche has been a very valuable partner for all these years, enabling us to build strong foundations for the future of the brand. I am really looking forward to our collaboration with HOF Capital, which will be a great asset in executing our long-term vision for the exciting future of Bugatti.”
