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Saudi Arabia’s Public Investment Fund has agreed to buy a minority stake in Italian supercar maker Horacio Pagani, the latest sign of the kingdom’s growing interest in the auto industry.
This investment by the Public Investment Fund is part of a long-term strategic partnership with the Italian company.
The Pagani family will retain full control of the company, with the Public Investment Fund joining Italian minority shareholders Nicola Volpi and Emilio Petroni, according to a statement.
Pagani, headquartered near Modena in northern Italy, was founded by Italian-Argentinian businessman Oracio Pagani in 1992. The CEO and Chairman of the Board described the Fund ‘public investment as’ the ideal partner to continue to position itself as a high-end brand. in the hypercar sector “. as well as to support its development strategy in the lifestyle sector.
And Bloomberg News reported last April that the Public Investment Fund had appointed consultants, including the Boston Consulting Group, to study the creation of a local electric car manufacturing company.
The fund has been active in electric cars for several years, taking a small stake in Tesla in 2018 and then investing in Lucid.
UBS Investments acted as financial advisor to Pagani and Withers Studio Legal acted as legal advisor to the selling shareholders.
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