EQT teams with Qatar fund for Volkswagen marine unit bid - Bloomberg

Swedish buyout firm EQT is lining up financing from the Qatar Investment Authority and partnering with major Volkswagen shareholder Porsche to prepare a binding offer for Volkswagen’s large marine engine unit, Everllence. Volkswagen has set an early-June deadline for the next bidding round. EQT’s consortium will compete with private equity bidders including Bain Capital and CVC Capital Partners; Everllence could be valued at about €8 billion ($9.4 billion) or more. The involvement of large Volkswagen shareholders strengthens EQT’s financial firepower and operational knowledge, potentially increasing the likelihood of a successful bid and influencing Volkswagen-related stock dynamics and M&A valuation benchmarks in the sector.