November 19 (SeeNews) - German sports car maker Porsche said on Friday it is acquiring a majority stake in Croatian e-bike manufacturer Greyp Bikes for an undisclosed sum.
"Following a takeover offer from a third-party investor interested in Greyp, Porsche has exercised its contractually agreed right of first refusal. Its majority takeover of the e-bike manufacturer further expands its activities in the sector,” Porsche said in a statement.
You can subscribe to our M&A newsletter here
Porsche's venture capital arm, Porsche Ventures, has held a stake of around ten per cent in the Croatian company since 2018. Porsche said it invested in Greyp at the same time that it invested in its sister company, Croatian electric supercar manufacturer Rimac Automobili founded and headed by Mate Rimac.
The takeover of Greyp has not yet been legally completed but is expected to be finalised at the end of the year, Porsche said.
While Porsche becomes the majority shareholder, only Mate Rimac and other Greyp founders will retain a minority stake in the e-bike manufacturer.
Electric bikes have a fixed place in Porsche's e-mobility strategy and promise further potential, the company said, adding that in March 2021, the long-established range of bikes was expanded further: the Porsche eBike Sport and eBike Cross represent the brand’s take on exclusive electric bikes.
Earlier this month, Rimac Automobili said that Bugatti Rimac, its 55:45 joint venture company with Porsche, has officially started operations.
Rimac Automobili and Bugatti Automobiles will each continue to operate as separate brands and manufacturers, retaining their individual production facilities in Zagreb and Molsheim respectively as well as their distribution channels.
($=0.885 euro)