Linklaters, White & Case and DLA Piper have scored roles in Porsche’s sale of its stakes in luxury carmakers Bugatti and Rimac to a consortium led by HOF Capital, a US fund linked to Egypt’s billionaire Sawiris family.
Linklaters is guiding longtime client Porsche on the deal, which will see it divest its 45% stake in Bugatti Rimac – the joint venture it set up with Rimac in 2021 to “serve as a home to the iconic Bugatti brand” – along with its 20.6% share in the Rimac Group.
The Linklaters team is led by Düsseldorf M&A partners Ralph Wollburg and Andreas Zenner and London M&A partner Rupert Cheyne. Zenner has advised Porsche on deals in the past, including its acquisition of corporate and IT consultancy MHP in 2023 and software company PTV Planung Transport Verkehr in 2017.
Meanwhile, Bugatti Rimac and Rimac Group are being advised on the deal by a White & Case team headed by London M&A partners Daniel Turgel and Angus Nunn.
The consortium, which includes BlueFive Capital as its largest investor and a group of institutional investors across the US and EU, is being advised by DLA Piper. The team is led by corporate partners Tim Lake and Murad Daghles, who work out of Birmingham and Düsseldorf.
The deal comes as Porsche reviews its strategy after group margins fell sharply and it reported a 93% slump in operating profit in 2025, Reuters reported, driven by a downturn in the Chinese market, costly strategy shifts away from electric vehicles and billions in accounting charges.
Michael Leiters, who took over as Porsche CEO at the start of the year and is facing pressure to cut costs and free up capital, said the sale demonstrated the carmaker will focus on its “core business”.
Following completion, Rimac Group is set to take control of Bugatti Rimac and form a partnership with HOF Capital and BlueFive Capital to “support its continued growth”, Porsche said in a statement. HOF Capital will also join Rimac Group as the largest shareholder alongside Mate Rimac, founder of Rimac and CEO of Bugatti Rimac.
The deal is expected to complete before the end of this year, subject to regulatory clearances. The terms of the deal have not been disclosed.
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