VW subsidiary: "The old burden is gone": Porsche's sale of the consulting subsidiary MHP has a bitter aftertaste
Porsche is selling IT consultancy MHP for a valuation of €320 million. At the end of 2023, its value was still estimated at €1.5 billion. What happened?
Porsche is under significant financial pressure, with thousands of jobs set to be cut in the coming years to restore profitability. The company's CEO, Michael Leiters, is reportedly selling off valuable assets, including its consulting subsidiary MHP, to the Indian Tata Group at a significantly lower price than initially estimated.
MHP, which has over 4000 highly qualified employees, was valued at around 1.5 billion euros by Porsche's finance department before its acquisition, but is now being sold for just 200 million euros is not stated but a fifth of the original assumed value. Porsche acquired 18 percent of MHP in 2023 for 250 million euros and has since owned 100 percent of the firm.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
