Volkswagen AG has acquired MAN Energy Solutions SE and all shares in Renk AG from MAN SE.

In the context of achieving capital market readiness of TRATON AG, Volkswagen AG and TRATON AG have agreed on the sale of the 76% stake of MAN SE in listed Renk Aktiengesellschaft as well as the 100% stake of MAN SE in MAN Energy Solutions SE to a subsidiary of Volkswagen AG.

In addition, the indirect 100% participation of MAN SE in MAN Energy Solutions USA, Inc., will be sold and transferred to a subsidiary of Volkswagen AG. The transferred entities form MAN group‘s business area Power Engineering. The sale should be completed by the end of this year. As a result of this transaction, TRATON AG will become the lead company of a pure truck and bus group.

“In the light of our decision to prepare TRATON for a possible initial public offering, separating the Power Engineering business is a consistent step,” said Frank Witter, group board member. “The final decision on the IPO will be taken at the respective point in time depending on the market environment and economic conditions.”

Andreas Renschler, CEO of TRATON AG and member of the management board of Volkswagen AG responsible for commercial vehicles, said with the planned sale of the business, they can focus on their core business in the future.

MAN Energy Solutions SE together with MAN Energy Solutions USA, Inc. and Renk AG form the Power Engineering business area of MAN SE, which belongs to TRATON AG. With its headquarters in Augsburg, MAN Energy Solutions (formerly known as MAN Diesel & Turbo SE) is one of the world‘s leading developers and manufacturers of large-scale diesel engines, turbo compressors, industrial turbines and chemical reactor systems. The company has approximately 14,000 employees. Renk, in which MAN SE holds a 76% stake, is a manufacturer of specialised gearboxes and drive technology components as well as testing systems.