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

South Korean carmaker Kia will try to follow up the success of its Sportage compact sports utility vehicle by introducing a smaller SUV (subcompact) in the United Kingdom in the...
by - October 18, 2017
It can no longer be denied that Jaguar Land Rover wants to design some more hardcore type versions of their SUV range --- soon after launching the Discovery SVX only...
by - October 18, 2017
Motorists in the United Kingdom who intend to purchase the new 2018 Hyundai Kona subcompact sports utility vehicle could start placing their orders on November 2, 2017. Marked by Hyundai...
by - October 18, 2017
For many years, Lamborghini has always relied on the use of large and powerful engines including the V10 and the V12. In fact, the company’s very first engine in the...
by - October 17, 2017
You can now get the Opel Crossland X that’s LPG-powered if you are not a fan of diesel. Recently, the company released their version of the Peugeot 2008 equipped with...
by - October 17, 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