Porsche Holding Gesellschaft m.b.H. acquired SIVA - Sociedade de Importacao de Veiculos Automoveis, SA from SAG GEST - Soluções Automóvel Globais, SGPS, S.A. for €1.
April 29, 2019
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Porsche Holding Gesellschaft m.b.H. entered into a sale and purchase agreement to acquire SIVA - Sociedade de Importacao de Veiculos Automoveis, SA from SAG GEST - Soluções Automóvel Globais, SGPS, S.A. (ENXTLS:SVA) for €1 on April 30, 2019. Under extrajudicial restructuring agreement the subordinate credits of SIVA - Sociedade de Importacao de Veiculos Automoveis, SA and other group companies, in the total amount of approximately €250 million shall be fully written down. The transaction is subject to unconditional clearance by European Commission and, if applicable, further competent competition authorities, subject to final completion of the public offer for the acquisition of SAG GEST – SOLUÇÕES AUTOMÓVEL GLOBAIS, SGPS, S.A. and other customary conditions. As of July 2, 2019, the condition of completion of tender offer of SAG GEST - Soluções Automóvel Globais, SGPS, S.A. is fulfilled. As of July 24, 2019, the EU Commission has approved the transaction. The transaction is expected to close by no later than September 30, 2019. Trindade Costa, José Pedro Fazenda Martins, Maria Leonor Piconez, Francisco Vasconcelos Pimentel, Teresa Pitôrra, Catarina Cunha, Francisco Sousa Coutinho, Américo Oliveira Fragoso and Orlando Vogler Guiné of Vieira de Almeida & Associados – Sociedade de Advogados, RL acted as legal advisors to Porsche Gesellschaft m.b.H. Campos Ferreira, Sá Carneiro & Associados acted as legal advisor to SAG GEST - Soluções Automóvel Globais. Filipe Lowndes Marques, Pedro Gorjão Henriques, Nuno Gundar da Cruz, Margarida Torres Gama and Elmano Sousa Costa of Morais Leitão acted as legal advisors to BCP, BPI, Novo Banco and CGD in the financial restructuring of SIVA. KPMG Austria, Finanical Advisory Arm acted as a financial advisor to Porsche Gesellschaft m.b.H.
SAG Gest Solucoes Automovel Globais SGPS SA is a Portugal-based holding company engaged in the automotive sector. The Company is primarily involved in the import, distribution, retail and rental of new passenger and commercial cars, as well as spare parts and accessories. It is also active in the retail and wholesale of used cars. Additionally, the Company is engaged in the provision of after-sales services, car financing services and insurance brokerage. It operates in Portugal and Brazil. The Company's portfolio includes various brand names, including Volkswagen, Audi, Skoda, Bentley and Lamborghini. The Company has a number of subsidiaries, such as SIVA SA, Soauto Comercio de Automoveis SA and Rolporto SA.
Porsche Holding Gesellschaft m.b.H. acquired SIVA - Sociedade de Importacao de Veiculos Automoveis, SA from SAG GEST - Soluções Automóvel Globais, SGPS, S.A. for €1.
SAG GEST - SOLUÇÕES AUTOMOVEL GLOBAIS 
