Herter & Co. – A Teneo Company – advises Dr. Ing. h.c. F. Porsche AG on the restructuring of VARTA AG
Herter & Co. – A Teneo Company – advised Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) on its investment in VARTA AG as part of the successfully completed restructuring via the Stabilisation and Restructuring Framework for Companies (“StaRUG”) proceedings.
The restructuring proceedings, initiated in July 2024 under the German Act on the StaRUG, were confirmed by the Stuttgart Regional Court on December 11, 2024. All appeals submitted to the court were dismissed on January 21, 2025, making the underlying restructuring plan legally binding and fully executed. The restructuring plan includes a debt reduction of over €250 million and new equity of €60 million. As a result, the previous equity was reduced to zero, leading to the departure of the previous shareholders and the termination of the stock market listing of VARTA AG. Porsche AG, alongside the previous majority shareholder, participated in a €60 million capital increase. Additionally, the company will receive further financial support through a new €60 million senior loan to ensure its long-term financing.
Herter & Co. – A Teneo Company – has acted as the exclusive financial advisor to Porsche AG throughout the restructuring process and has worked closely with the other parties involved in the restructuring plan.
***
Stuttgart-based Porsche AG is one of the world’s leading sports car manufacturers, synonymous with innovation, performance and exclusive design. As part of the Volkswagen Group, Porsche AG is driving forward the development of sustainable mobility solutions and setting new standards in the automotive industry with state-of-the-art electric and hybrid drives.
VARTA AG, headquartered in Ellwangen, is one of the world’s leading manufacturers of micro batteries, household batteries, energy storage systems and other battery solutions. The company employs around 4,200 people in over 75 countries worldwide. Through extensive research and development, VARTA is constantly setting new industry standards in the global battery market.
