The joint venture will be headquartered in Zagreb (Croatia) and will be 55% owned by Rimac Automobili doo and 45% owned by Porsche. The transaction is expected to take place in the last quarter of 2021 and is subject to clearance from the competition authorities of several countries, given the Volkswagen Group’s global presence.
Bugatti will initially be included in the joint venture through its current owner Volkswagen, and the equity stake will then be transferred to Porsche.
Bugatti Rimac combines the DNA of the iconic brands Bugatti and Rimac. The joint venture will be a center of attraction for customers and employees.
An international team of CMS, led by Dr Hilke Herchen and Dr Jacob Siebert, associate attorneys for CMS Germany in Corporate/Mergers and Acquisitions, advised Volkswagen and Porsche in all aspects, including the CMS teams in Croatia, France and Luxembourg. In March 2021, a team from CMS Croatia recommended Porsche to increase its stake in Rimac Automobili doo.
The Volkswagen Group’s global presence has required merger control clearance for joint ventures in a number of jurisdictions. Led by competition law partner Christoff Soltau, the team therefore worked closely with CMS competition law experts in different countries.
The CMS France team for this operation, coordinated by associate attorney Alexandra Rohmert, consisted of:
Alexandra Rohmert, associate attorney on Corporate/Mergers and Acquisitions, and Margaux Deuchler, attorney; Caroline Froger-Michon, associate attorney, Aurélie Parchet, attorney and Camille Baumgarten, employment law and social protection; Assistant attorney Aline Divo and attorney Arnaud Valverde on real estate law matters; Aliénor Fèvre, lawyer, in terms of contract law.
The teams for CMS Germany, Croatia and Luxembourg consisted of:
CMS Germany: Attorneys at law Dr Hilke Herchen, Dr Jacob Siebert and Dr Matthias Löhle and Dr Frederike Volkmann and attorney Christoph Hempel for Corporate/Mergers and Acquisitions; Christoff Soltau, associate attorney, Dr. Denis Schlimpert and Tobias Duhe, attorneys for the competition and European law aspects; Heino Büsching, assistant lawyer, in terms of tax law; Assistant attorney for intellectual property issues, Dr. Nicholas Gregory; Assistant lawyer responsible for technology, media and communication issues, Dr. Michael Kraus;
CMS Croatia: Marija Zrno, associate attorney for corporate matters/mergers and acquisitions, and Hrvoje Bardek, attorney attorney; Ivan Sostaric, lawyer for energy issues; Karmen Sinozic, Technology, Media and Communications Lawyer; Assistant lawyer Tamara Jeliz Kazic in terms of tax law; Marija Musec, assistant lawyer, for contract matters;
CMS Luxembourg: Lawyers Gérard Maitrejean, associate lawyer and Cédric Dvoratchek, Angélique Eguether, Victoria Gros for Corporate/Mergers and Acquisitions; Frédéric Feyten, paralegal, in terms of tax law.