VARTA AG in Talks with Porsche about Investment in V4Drive Business

VARTA AG, based in Ellwangen, is currently in negotiations with Dr. Ing. h.c. F. Porsche AG regarding a potential investment in its V4Drive business unit. This unit focuses on large-format lithium-ion round cells. The discussions involve Porsche acquiring a majority share in V4Drive Battery GmbH, a VARTA AG subsidiary.

Both companies have entered into a non-binding term sheet and are in the initial phase of drafting the transaction documents. Initially, VARTA's V4Drive business will be transferred to V4Drive Battery GmbH, with Porsche potentially participating via a capital increase.

The investment decision from Porsche hinges on the completion of a due diligence review and approvals from VARTA Group stakeholders. The outcome is still uncertain. Additionally, VARTA AG is reviewing existing expert opinions and potential restructuring measures for financing and recapitalization.