The competition for the unit has narrowed to three primary contenders: CVC, Bain Capital, and EQT. The latter has formed a strategic alliance with Porsche SE and the state of Qatar to bolster its bid. Valued between 8 and 9 billion euros, the business currently dominates the global market for large marine engines while aggressively pivoting toward power generation for artificial intelligence data centers.

Internal dynamics at Volkswagen may complicate the final selection process. While the supervisory board holds the ultimate authority, the voices of employee representatives are expected to carry significant weight in the final vote. Sources indicate that members representing Porsche SE and Qatar will likely abstain from the decision to avoid potential conflicts. Volkswagen, Porsche SE, CVC, and Bain declined to provide comment on the ongoing negotiations.