Volkswagen Group Selects Bain Capital as Majority Investor in Everllence in €7.4 Billion Strategic Transaction

The transaction, structured as a leveraged buyout (LBO), is expected to generate approximately €7.4 billion in proceeds for Volkswagen Group and represents a significant milestone in the automotive giant's ongoing transformation strategy. Following completion of the deal, Volkswagen intends to retain a 49% stake in Everllence, remaining a key shareholder and strategic partner in the company's future development.

The proposed transaction remains subject to mandatory employee information and consultation procedures in France, as well as customary regulatory approvals. Closing is expected by the end of 2026.

Strengthening Volkswagen's Transformation Strategy

The divestment forms part of Volkswagen Group's broader effort to streamline its portfolio and strengthen its financial position as it accelerates investments in electrification, digitalization and next-generation mobility solutions.

By monetizing a majority stake in Everllence while maintaining a significant minority interest, Volkswagen seeks to unlock value from a mature industrial asset while preserving long-term exposure to a business operating in high-growth sectors.

The proceeds from the transaction are expected to reinforce the Group's balance sheet and provide additional flexibility to support its strategic transformation initiatives.

A New Growth Chapter for Everllence

For Everllence, the arrival of Bain Capital as majority shareholder is intended to support the company's next phase of expansion in several rapidly growing global markets.

The company holds leading positions in large-scale propulsion systems, turbomachinery and technologies supporting industrial decarbonization. Its products serve critical sectors including maritime transportation, energy infrastructure and data centers—industries experiencing increasing demand driven by global trade, digitalization and the energy transition.

Under the proposed ownership structure, Everllence is expected to benefit from Bain Capital's operational expertise and investment capabilities while continuing to leverage Volkswagen's industrial heritage and strategic support.

Private Equity Interest in Industrial Champions

The transaction highlights the sustained appetite of private equity investors for high-quality industrial businesses with strong market positions and exposure to long-term structural growth trends.

For Bain Capital, the acquisition represents an opportunity to invest in a global industrial leader positioned at the intersection of energy transition, digital infrastructure and sustainable transportation. For Volkswagen, it demonstrates a disciplined capital allocation strategy aimed at focusing resources on its core automotive transformation while maximizing value from non-core holdings.

If completed as planned, the deal will rank among the most significant European industrial private equity transactions of 2026.

On the legal side, German law firm Gleiss Lutz advised the Supervisory Board of Volkswagen Group on the transaction. The mandate was led by partners Prof. Dr. Michael Arnold, Dr. Gabriele Roßkopf and Dr. Adrian Bingel, all members of the firm's corporate practice in Stuttgart. The team assisted the Supervisory Board in connection with Volkswagen's exclusive agreement with Bain Capital regarding the sale of its majority stake in Everllence.

Key Facts:

• Seller: Volkswagen Group

• Buyer: Bain Capital

• Target: Everllence

• Stake sold: 51%

• Stake retained by Volkswagen: 49%

• Transaction value: Approximately €7.4 billion

• Structure: Leveraged Buyout (LBO)

• Legal advisor to Volkswagen Supervisory Board: Gleiss Lutz

• Expected closing: End of 2026, subject to regulatory and employee consultation approvals

Sophie Stevenard