Porsche is selling its equity stakes in Bugatti Rimac and Rimac Group to a consortium led by HOF Capital, a New York-based investment firm. The transaction agreement was signed on April 24.

Porsche and Rimac Group established Bugatti Rimac as a joint venture in 2021. Porsche holds a minority stake of 45%, while Rimac Group owns 55%. Porsche also holds a 20.6% stake in Rimac Group.

The German automaker has decided to fully divest its equity stakes in Bugatti Rimac and Rimac Group to the HOF Capital-led consortium. This includes BlueFive Capital as its largest investor, as well as a group of institutional investors across the US and EU.

Rimac Group is set to take control of Bugatti Rimac and form a strategic partnership with HOF Capital and BlueFive Capital to support its continued growth. HOF Capital will additionally join Rimac Group as the largest shareholder alongside Mate Rimac, founder of Rimac and CEO of Bugatti Rimac.