The digital divisions of Axel Springer SE (SPR.XE) and Porsche AG said Monday that both companies have signed an agreement to set up a joint startup accelerator in which each holds a half share.
Porsche AG said the aim of the startup accelerator will be to support digital business ideas that have high market potential and the chance to change the sector in which they operate. The German company said that the accelerator will be operational in spring 2018, and is open to further partners.
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Porsche AG is a German automobile manufacturer and is owned by Volkswagen AG (VOW.XE).
The setting up of the joint venture is subject to approval from the relevant antitrust authorities.
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(END) Dow Jones Newswires
November 20, 2017 05:30 ET (10:30 GMT)