World News
Volkswagen to Sell Majority Stake in Everllence to Bain Capital
Volkswagen Group has agreed to sell a 51% stake in Everllence to investment firm Bain Capital while retaining a 49% holding in the marine engine manufacturer in the medium term.
The deal, subject to regulatory approvals and customary closing conditions, is expected to generate proceeds of about €7.4 billion for Volkswagen, Everllence said in an emailed statement on Thursday.
Formerly known as MAN Energy Solutions, Everllence develops large engines, turbomachinery and decarbonisation technologies for the shipping, energy and industrial sectors.
Volkswagen said the new ownership structure will support the company's next phase of growth in shipping, data centres and the energy sector.
"The transaction lays the groundwork for the sustainable continuation and further acceleration of our successful growth trajectory," Uwe Lauber, CEO of Everllence, said.
Everllence employs around 16,000 people and generated revenue of €4.9 billion.
As part of the agreement, Volkswagen said its German sites will be retained until at least the end of 2030, with compulsory redundancies ruled out during that period.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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