Porsche AG Completes Acquisition of VfB Stuttgart Shares
Formal Closing Marks Significant Milestone
Partnership to Include Sponsorship and Long-Term Collaboration
Stuttgart, Germany - Porsche AG has successfully acquired shares in VfB Stuttgart, marking the completion of the deal announced in June 2023. The acquisition involves Porsche AG purchasing 54.9% of the shares of VfB Stuttgart 1893 AG. A second tranche of shares may be acquired in June 2024.
Guided by the principle of "From the region and for the region," Porsche AG and its subsidiary MHP, a management and IT consultancy, intend to establish a long-term partnership with VfB Stuttgart. This partnership will extend to various areas, including sponsorship and collaboration on innovative projects.
VfB Stuttgart will benefit from the addition of Porsche and MHP to its partner pool. The parties have reached an agreement on a statement of principles that outlines the framework for their collaboration. VfB Stuttgart and Porsche are currently exploring potential joint initiatives that will leverage the strengths of both organizations.
The acquisition of shares by Porsche AG represents a significant milestone in the history of VfB Stuttgart. It aligns with the club's strategic objective of strengthening its financial footing and securing its long-term competitiveness. Porsche AG, with its strong presence in the region and commitment to innovation, is an ideal partner for VfB Stuttgart as it embarks on this new chapter.
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