Porsche has completed the sale of its holdings in Bugatti Rimac and Rimac Group, ending its involvement in the Croatia-based electric hypercar business.
The German carmaker sold its 45% stake in Bugatti Rimac and its 20.6% holding in Rimac Group after receiving regulatory approvals.
The purchasing consortium is headed by HOF Capital, a US-based investment firm, with BlueFive Capital serving as its biggest backer alongside several other institutional investors spanning the US and Europe.
Porsche and the buyer group entered into the agreements in April this year.
The deal is expected to generate around €1bn ($1.16bn) for the Porsche Group. Of that amount, €250m has been allocated to further strengthen the company's pension obligations.