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

Hyundai Motor Group – including both Hyundai Motor and Kia Motors – has disclosed a wide-ranging plan to introduce 31 environment-friendly models in a new development roadmap that aims to...
by - August 22, 2017
Over a decade ago, Pagani took the Zonda to the Geneva Motor Show. The Zonda hypercar was then set to retire in 2013 together with the track-focused Revolucion. But here...
by - August 22, 2017
The newest Porsche Cayenne is scheduled be unwrapped by the end of the month after completing endurance tests worth 2.7 million miles. Since we are just a few weeks away...
by - August 22, 2017
This is the time of the year when automakers give us teasers and previews of their upcoming models. Now, it seems like BMW is ready to unveil the M5 (F90)...
by - August 22, 2017
It is quite common to revive classic cars if you have a lot of extra money. Models like the Jaguar XKSS and Aston Martin’s DB4 GT have been upgraded to...
by - August 21, 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