Volkswagen AG will pay 3.3 billion euros ($4.55 billion) to acquire Europe’s largest independent auto dealer group, Porsche Holding Salzburg.
ACORDING TO VW AG, THIS MOVE WILL HELP THE AUTOMAKER TO achieve its goal of becoming the top global automaker.
The sale of the automobile trading company was already foreseen in the comprehensive agreement concluded last year.
For Volkswagen, the acquisition now agreed significantly strengthens the Company’s own trade activities.
“Porsche Holding Salzburg is a highly profitable and efficient automobile trade company. PHS sets the benchmark for our industry in key areas of the automobile trade such as customer orientation,” Prof. Dr. Martin Winterkorn, CEO of Volkswagen Aktiengesellschaft, commented.
Porsche Holding Gesellschaft is Europe’s most successful private automobile trading company and has a particularly strong presence in Austria, Western Europe and South Eastern Europe as well as China. In the 2009/10 financial year (to March 31), unit sales of 421,000 new vehicles generated sales revenue of €12.2 billion, with profitability higher than the market average.
Porsche Holding Gesellschaft employs some 20,300 people.