HOF Capital is after Porsche’s Bugatti Rimac stake

Onsi Sawiris-founded HOF Capital eyes Bugatti Rimac: US-based global VC HOF Capital, founded by Onsi Sawiris, and Abu Dhabi-based BlueFive Capital are reportedly in advanced talks to acquire the stake of cashstrapped Porsche in the Bugatti Rimac venture, Bloomberg reports, citing people it says are familiar with the matter. Porsche holds 45% of Bugatti Rimac and 24% of Rimac, as of 2021. Rimac expressed interest in April in a buyout of Porsche in light of strategic and cultural friction between the two. Talks are ongoing, with sources suggesting an agreement could be signed in the coming weeks.

Valued at EUR 1 bn, the potential transaction would see the consortium pick up Porsche’s interest in the hypercar joint venture while also purchasing a direct stake in the parent company, Rimac Group. The transaction is expected to inject fresh capital into Rimac Group to fund its continued expansion.

The acquisition is a strategic wager on the convergence of heritage luxury and EV technology. By backing Bugatti Rimac, the investors are securing a unique asset that controls both the world’s most exclusive hypercar brand and the underlying battery technology supplying the wider automotive industry.

Suez Canal seals EGP 1 bn grant for diving support vessel

The Suez Canal Authority (SCA) secured a EGP 1 bn grant from the Japan International Cooperation Agency (Jica) to obtain its first diving support vessel, according to a statement from the Planning and International Cooperation Ministry. The dual-fuel-engined vessel will be built in Japan and help the SCA strengthen navigational safety, towing capacity, and emergency response across the canal.

The SCA has been expanding its service vessel fleet to handle more complex operations in the canal as it prepares for an uptick in maritime transit traffic next year. Jica’s backing came after the SCA announced contracts worth EGP 4.2 bn to add 10 new tugboats to its fleet, a senior government official told EnterpriseAM last week.

Beltone folds Chimera regional assets into its balance sheet in USD 1 acquisition

Beltone Holding is centralizing its regional footprint by absorbing a portfolio of Emirati and Egyptian assets from its majority shareholder in a USD 1 transaction that signals an internal restructuring by Chimera, according to a disclosure (pdf) from Beltone. The company’s general assembly approved the acquisition of 100% of Lumen Aegis Enterprises from fellow Chimera-owned outfit ePointZero, a move that effectively folds private regional holdings into Beltone’s publicly listed balance sheet.

China’s North Petroleum Int’l is doubling down on Egypt’s brownfields

North Petroleum International Company — the Egyptian arm of China’s state-owned Zhenhua Oil — is lining up over USD 100 mn to expand its upstream footprint in Egypt, Country Manager Sun Bao told the Oil Ministry’s PetroCast (watch, runtime: 17:20). The investment is earmarked for an “aggressive” 2026 drilling program and potential new acquisitions in the Western Desert and offshore.

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