Volkswagen Group sells majority stake in Evonik to Bain Capital

On June 25th, Volkswagen announced that it has signed an exclusive agreement with Bain Capital to sell the majority stake in its subsidiary Evonik - transferring 51% of the shares. Under the exclusive agreement with Bain Capital, Volkswagen will sell 51% of its shares in Evonik and plans to remain a major shareholder with 49% ownership in the midterm. This proposed leveraged buyout transaction is expected to bring Volkswagen approximately 7.4 billion euros in profits. Evonik is headquartered in Germany and has around 16,000 employees in more than 140 locations worldwide.