Next major growth step

• Porsche Holding plans acquisition of importer operations for Volkswagen Group brands in Portugal

Salzburg, 1 May 2019 - Porsche Holding Salzburg (PHS), Europe's largest automotive distribution company, is pushing ahead with its growth strategy. At the end of April, it signed agreements with Sociedade de Importação de Veículos Automóveis, S.A. (SIVA), a subsidiary of the major Portuguese automotive group SAG-SGPS SA, to acquire importer operations for Volkswagen Passenger Cars, Volkswagen Light Commercial Vehicles, Audi, ŠKODA, Bentley and Lamborghini. In addition, 11 importer-owned retail dealerships in Lisbon and Porto will be acquired by PHS.

Following the upcoming restructuring, which is subject to judicial scrutiny and to approval from the EU competition authorities, PHS intends to take over operational and commercial responsibility in Portugal in Q4 2019.

"We are delighted with this next major step for our company. Over the medium term, Portugal will be one of our largest importer operations with around 30,000 new vehicles per year, and will be an ideal complement to our activities in the Western Europe region", said CEO of the PHS Management Board Dr Hans Peter Schützinger.

The Portuguese importer SIVA has in the past achieved an annual sales volume of around 25,000 new vehicles. In wholesale and retail, it currently employs 650 people, who will be taken over by PHS.