The Saudi NEOM Investment Fund announced in a statement on Friday that it had acquired a 6% stake in the Italian company Technogym, which specializes in manufacturing fitness equipment, after injecting investments worth 111 million euros (an estimated $120.83 million).
The fund issued by the Saudi Fund explained that it bought 8.8 million shares at a price of 9.20 euros per share from other investors, in addition to seeking to buy 3.3 million ordinary shares in the form of financial derivatives, and that it intends to become a shareholder in the company with a minority stake in the long term.
It should be noted that previous news reports had talked about the Saudi company NEOM entering into a strategic partnership with Animoca Brands (specializing in digital technology and blockchain), adding that the Saudi company intends to pump investments of up to 50 million dollars into the technology company by purchasing shares worth 25 million dollars. $1 million and financing against convertible bonds worth another $25 million.
Animoca Brands explained in a statement on its official website that this strategic partnership aims to support the regional development of Web 3 technology, which is based on blockchain technology and which has promoted the emergence of the idea of decentralized management and a coding-based economy.
