Porsche in Talks to Invest in Varta Lithium-Ion Battery Division
By Adam Whittaker
Luxury carmaker Porsche is in talks with Varta regarding an investment in the German battery manufacturer's subsidiary V4Drive Battery, which produces e-mobility lithium-ion batteries.
The companies entered into a nonbinding term sheet and are in the first phase of agreeing on the documentation for such a transaction, Varta said late Thursday.
Ahead of any investment, Varta would transfer its V4Drive business to its subsidiary V4Drive Battery, which would then see Porsche invest via a capital increase.
No timeline for the deal has been announced and it is subject to due diligence by Porsche and the approval of certain stakeholders of the Varta group.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
July 05, 2024 02:58 ET (06:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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