Here’s how Pagani’s shareholding steers towards Saudi Arabia
Public Investment Fund, a sovereign fund of Saudi Arabia, enters as a minority shareholder in the Pagani company, active in the hypercars market. All the details
The Pagani company, active in the hypercars market, has signed a long-term strategic partnership with the Public Investment Fund , a sovereign fund of Saudi Arabia.
The agreement, as explained in a note, is "aimed at supporting the company in achieving its long-term development objectives".
The transaction provides for the purchase of a minority stake in Pagani by the fund, which will be added to the current minority shareholders Nicola Volpi and Emilio Petrone.
HOW THE SHAREHOLDING OF PAGANI WILL CHANGE
The Pagani family will continue to hold control of the company as the majority shareholder. At the same time, Horacio Pagani, founder, chief executive officer and chief design officer, will maintain a leadership position and a central role in the company which, at the same time, announces a long-term strategic plan aimed at continuing its path of innovation in the market of hypercars and, at the same time, to explore new growth opportunities in the lifestyle segment with the launch of Pagani Arte.
WHAT THE SOVEREIGN FUND OF SAUDI ARABIA DOES
The Fund for Public Investments – the website reads – aims to "become a leading global investor in line with the Vision 2030 goal and to lead the economic transformation of Saudi Arabia, through active long-term investments and maintaining high standards of governance and transparency ".
THE COMMENT OF HORACIO PAGANI
“Since its inception Pagani boasts partnerships with the best players in the sector, as we believe that excellence can only be achieved through teamwork. This is demonstrated by the multi-year relationships with our technology partners, undisputed leaders in their respective sectors, who will continue to play an important role in Pagani's future. Today we are proud to announce this important partnership with Pif, a key step in our long-term development strategy, which includes significant investments to ensure that our next hypercars continue to deliver unique thrills, regardless of propulsion technology. Pif represents the ideal partner to further consolidate Pagani's positioning as an iconic brand in the world of hypercars and to support its expansion strategy in the lifestyle sector ”, said Horacio Pagani.
WHO ARE THE TRANSACTION ADVISORS
Ubs Investment Bank acted as Pagani's exclusive financial advisor. Withers Studio Legale acted as legal counsel to the selling shareholders. Rothschild & Co and Freshfields Bruckhaus Deringer acted as financial advisor and legal advisor to Pif, respectively.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/ecco-come-lazionariato-di-pagani-sterza-verso-larabia-saudita/ on Thu, 19 Aug 2021 13:11:19 +0000.