In the rarified air where nine-figure hypercars meet nine-figure balance sheets, ownership can be just as transient as a Nürburgring lap record. The latest example comes from the Bugatti Rimac joint venture, where Porsche’s sizable stake may soon be looking for a new garage.
According to new reports, a venture capital fund co-founded by a descendant of Egypt’s billionaire Sawiris family is part of a group in talks to acquire Porsche’s share of Bugatti Rimac. If the deal goes through, it would mark yet another chapter in one of the most intricate alliances in modern automotive history.
Bugatti and Rimac officially joined forces in 2021, creating a marriage between a century-old French luxury icon and a Croatian electric-hypercar disruptor. Back then, the ownership chart looked like a particularly messy pit board: Mate Rimac held 37 percent of the Rimac Group, Porsche owned 24 percent, Hyundai controlled 12 percent, and the remaining 27 percent was split among various other investors. Fast-forward to today, and the structure has been simplified—but only slightly. The Rimac Group now owns 55 percent of Bugatti Rimac, while Porsche retains the remaining 45 percent.
That 45 percent is now the prize.
Bloomberg reports that HOF Capital, co-founded by a member of the Sawiris dynasty, along with private equity firm BlueFive Capital, is negotiating to acquire Porsche’s stake. The transaction could value Bugatti Rimac north of €1 billion (about $1.2 billion), and HOF is also said to be considering an additional capital injection into the Rimac Group to fuel future expansion.
None of the parties involved—Porsche, HOF Capital, or BlueFive—have publicly commented on the report. Rimac, however, has acknowledged that discussions with Porsche are ongoing regarding the venture’s future ownership structure, emphasizing that no agreement has yet been reached. It remains unclear whether Mate Rimac himself is directly involved in the current bid, though he has previously expressed interest in partnering with investors to buy Porsche out.
If that sounds familiar, it’s because Rimac has been unusually candid about the downsides of complex corporate arrangements. Earlier this year, he openly vented about the difficulty of running a company with too many stakeholders pulling in different directions.
“I just want to be able to make long-term decisions, to make long-term investments, and to do things in a different way, without having to explain to 50 people,” Rimac said. “When you negotiate with a corporation, there are so many factors. It’s families, it’s multiple families. It’s an emotional topic.”
For a company tasked with building multimillion-dollar hybrid hypercars and shaping Bugatti’s post–internal-combustion future, emotional topics may be unavoidable—but simplicity has its appeal. Whether this potential deal delivers that simplicity, or just rearranges the logos on the letterhead, remains to be seen.
One thing is certain: in the hypercar world, the fastest-moving parts aren’t always the cars.
Source: Bloomberg