Porsche SE buys 10% of Inrix for $55 million

Article by Christian A., on September 15, 2014

Porsche Automobil Holding SE acquired a 10-percent stake in Inrix for $55 million. The acquisition is Porsche SE’s first investment since failing to acquire Volkswagen years ago, a transaction that backfired on the company. Philipp von Hagen, the Porsche SE board member responsible for investment management, remarked that in a statement, that connectivity between cars and infrastructure is “one of the important megatrends” in the auto industry.

He noted that Porsche SE sees a huge potential in the segment. Inrix is a traffic information provider in the United States. Earlier this year, Porsche SE disclosed plans to spend the bulk of its cash pile – pegged at EUR2.54 billion ($3.3 billion) at June 30, 2014 -- on acquisitions.

Porsche SE chief executive Martin Winterkorn – who is also CEO of Volkswagen -- said in March that the company looked at over 24 potential takeover targets 2013, but high valuations helped prevent an agreement from happening sooner.

The company has been seeking to acquire assets related to the auto industry like drive train systems, material and safety technology. Its sole directly held asset is a 50.7-percent stake in Volkswagen, which was part of an agreement to the sale of the Porsche AG brand to VW in 2012.

Topics: porsche

If you liked the article, share on:

Comments

Recommended

Back in 2013 was when the first hot hatch was released, that was the original A45 by Mercedes-AMG, carrying a hand-built 2.0 liter M133 turbo mill. It was then then...
by - April 27, 2017
BMW dealers have a problem, a good problem. The demand for the 2017 BMW 5 Series is very high, they cannot attend to all the customers. But actually, supplies are...
by - April 27, 2017
After unveiling the next generation Odyssey at the 2017 North American International Auto Show in Detroit, Honda has officially commenced production of the minivan. As planned, Honda is now assembling...
by - April 27, 2017
All is set for the unveiling of the comeback model for Fisker Inc., founded and led by well-known automotive designer Henrik Fisker. For those who are following Fisker’s latest and...
by - April 27, 2017
Numerous images were leaked at the end of last year. While we’re privileged to have received hints about the anticipated BMW M5 F90, it didn’t give us a full and...
by - April 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries