The European Commission has greenlit the joint acquisition of German autonomous electric vehicle company Holon by the Saudi Public Investment Fund (PIF) and Austrian company Benteler International.
In a statement released today, the Commission noted that “under EU merger regulation, the notified transaction concerning the development of autonomous vehicles primarily does not raise competition concerns, as the involved companies are not active in the same or related markets.”
Michael Müller, CEO of Tasaru, the Saudi fund’s automotive and mobility development arm, revealed in a February interview with Asharq that the company had kickstarted its investment initiatives by acquiring stakes in three global companies specializing in autonomous vehicles and their underlying technologies.
Müller also announced the impending acquisition of a strategic stake in Holon, a subsidiary of the Benteler Group.
This acquisition aims to boost the progress of Holon’s “Mover” autonomous electric vehicle, accelerating development and manufacturing processes, and paving the way for establishing production facilities in Saudi Arabia, Europe, and the US.
Project 3 Mobility, another company with which Tasaru has signed a binding investment agreement, focuses on developing next-generation autonomous mobility solutions.
The company aims to create an integrated system consisting of an autonomous electric vehicle, specialized infrastructure, and a mobility services platform, including a mobile app.
The third agreement involves Recogn.ai, a company specializing in AI computing, particularly in transportation.
Tasaru has signed a binding investment agreement to support the company’s innovative ventures.
The Saudi PIF has been recognized as the world’s most valuable brand, valued at $1.1 billion.
Brand Finance attributes the PIF’s strong brand appeal to its ambitious growth strategy, which targets $2 trillion in managed assets by 2030.
The fund’s aggressive investment approach has significantly enhanced its brand value and commercial influence.
With over $930 billion in assets, the PIF is a key player in the global investment landscape, driving the development of various business sectors and generating new economic opportunities.
