When big businesses look to complete mergers & acquisitions, it usually tends to stay under wraps until both parties have agreed to release a statement. The Conseil de la Concurrence in Morocco recently made public a potential offer from Porsche to acquire the F1 operations of Red Bull.
Red Bull To Sell 50 Percent Of F1 Business
Porsche has yet to make any formal announcement regarding its intention to enter the Formula One market. The news does not come as a major surprise though because Herbert Diess, the ex-CEO of the VW Group did indicate in May 2022 that Audi and Porsche were considering entering the F1 market.
The acquisition of 50 percent of Red Bull’s F1 business will have to go through a lot of red tape. Red Bull’s F1 business is based out of Milton Keynes in the UK while Porsche is based out of Germany. The two companies will have to file applications in 20 European Union jurisdictions and get regulatory approval.
Morocco is one of the countries where both companies need approval and based on the laws of Morocco they had to release details of the acquisition publically once the application was given approval.
So far there is no more information regarding the terms and conditions of the proposed acquisition.