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VW buys European Porsche dealer group

Volkswagen Group has agreed to buy European dealer group Porsche Holding Salzburg (PHS) for €3.3 billion (£2.8bn).

Porsche’s UK dealer network Porsche Retail is not affected by the acquisition.

PHS has a strong presence in Austria, western Europe and south Eastern Europe as well as China.

In the 2009/10 financial year to March 31, unit sales of 421,000 new vehicles generated sales revenue of €12.2bn (£10.4bn). PHS employs some 20,300 people.

The deal is expected to go through before September 30 next year.

Prof. Dr. Martin Winterkorn, chief executive officer of Volkswagen, said: "Porsche Holding Salzburg is a highly profitable and efficient automobile trade company. PHS sets the benchmark for our industry in key areas of the automobile trade such as customer orientation.

"PHS will retain its status as a single organizational unit with its successful business model as well as all assets and all brands. At the same time we will be significantly strengthening our own trade activities in major markets and regions."

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