Porsche Automobil Holding SE has now closed the acquisition of nearly 100% of PTV Planung Transport Verkehr AG (PTV) in Karlsruhe, Germany, as announced in June.
PTV is a provider of software for traffic planning and management as well as transport logistics. The acquisition was subject to a condition precedent and took effect at the beginning of September 2017. The aggregate investment was about EUR300m, according to Porsche which said that would result in a corresponding cash outflow for Porsche SE in the third quarter of 2017.
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Porsche SE intends to continue to operate the business as an independent company but its financial year ending 31 March will be changed to the calendar year Porsche uses.
PTV's website says the company has 20 subsidiaries worldwide employing 700 people and a EUR100m annual turnover.
It says it "improves mobility and transport by using world-class software, data and scientific know how gained from four decades of experience in planning and optimising the movement of people and goods.
"Recognised as global market player with German technology, we help cities, companies and people save time and money, enhance road safety and minimise the impact on the environment. Based on our unique expertise in every facet of mobility, we support smooth traffic flow."
