EU approves PIF’s acquisition of German autonomous vehicle company

Logo of Public Investment Fund (PIF)

The European Commission announced its approval of the acquisition and joint control of the German autonomous electric vehicle company Holon by the Public Investment Fund (PIF) and Austrian company Benteler.

The Commission said in a statement that, under European Union merger law, the notified deal, primarily related to a company developing autonomous vehicles, does not raise competition concerns, given that the companies in question are not active in the same or related markets.

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According to data available to Argaam, Tasaru Mobility Investments, fully-owned by PIF, announced last February that it had concluded a binding agreement to acquire a strategic stake in Holon, a subsidiary of Benteler Group, in a step that comes within the framework of the group’s efforts to develop its business in autonomous vehicle technology.