A consortium led by US investment firm HOF Capital has completed the acquisition of Porsche's stakes in Croatian electric vehicle group Rimac Group and its Bugatti Rimac joint venture, Rimac said on September 9. Porsche AG Group said it will receive proceeds of approximately €1bn from the deal.

The transaction, announced in April and completed following regulatory approval, transfers Porsche's 21% holding in Rimac Group and its 45% stake in Bugatti Rimac to the consortium, which includes BlueFive Capital as its largest investor and other institutional investors from the United States and Europe.

Rimac Group retains its 55% controlling stake in Bugatti Rimac, the joint venture established by Porsche and Rimac in 2021 to oversee the Bugatti hypercar brand and Rimac's automotive operations.

"This is an important step for Bugatti Rimac and the entire Rimac Group," said Mate Rimac, founder and president of Rimac Group and chief executive of Bugatti Rimac.

"I am delighted that HOF Capital and its consortium are becoming our partners in the next phase of our Group's development, and I look forward to working together to realize the full potential of our companies," he said.

The transaction was announced alongside changes to Bugatti Rimac's management. Rimac will become president of Bugatti Automobiles, taking over from Christophe Piochon, who is stepping down as president and chief operating officer of Bugatti Rimac.

Marko Brkljačić, formerly chief operating officer of Rimac Technology, is expected to join the Bugatti Rimac leadership team as chief operating officer, while current Bugatti Automobiles managing director Hendrik Malinowski is due to become chief commercial officer.

The changes follow the opening of Bugatti's new La Manufacture production facility in Molsheim in July and the final stages of testing for its Tourbillon model.

Rimac said the developments were part of a 10-year strategy for Bugatti established under Mate Rimac's leadership in 2021.