The Saudi sovereign wealth fund has agreed to buy a minority stake in Italian supercar maker Horacio Pagani, an important indication of the kingdom's growing interest in the auto industry.< /p>
According to Arabiya Net, 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. Terms were not disclosed, According to what was indicated by Bloomberg Agency.
Pagani, based near Modena in northern Italy, was founded by Italian-Argentine businessman Oracio Pagani in 1992. General Investments as the ideal partner to continue to position a distinct brand in the hypercar segment, as well as to support its expansion strategy in the lifestyle segment.
Bloomberg News reported last April that the Public Investment Fund had hired consultants, including the Boston Consulting Group, to study the creation of a local electric car maker.
The fund has been active in electric cars for several years, taking a small stake in Tesla in 2018, and later investing in Lucid.
UBS Investments acted as Pagani's financial advisor, and Withers Studio Legal acted as legal counsel to the selling shareholders.
