Pagani Sells 30% Stake To Saudi Arabia Public Investment Funds
Pagani has sold (30%) a major stake to Saudi Arabia’s Public Investment Fund sovereign wealth fund, the Italian supercar marque announced last week.
The deal is expected to close later this year, after which the Pagani family will remain in full control of the company. Saudi Arabia will be positioned as a minority shareholder alongside other key investors including private equity managers Nicola Volpi and Emilio Petrone.
The terms and conditions of the transaction have not yet been disclosed. Pagani’s financial adviser was UBS Investment Bank. Withers Studio Legale acted as a legal adviser to the selling shareholders.
“Ever since its foundation, Pagani has enjoyed partnerships with best-in-class players, as we believe that excellence can only be reached through teamwork,” Horacio Pagani said in a statement. “This is proven by our long-standing partnerships with our technology partners -clear technology leaders in their reference sectors- that will continue to play an important role in Pagani’s future.”
Pagani was founded in the early 1990s when Horacio Pagani, a long-time Lamborghini employee struck out on his own. Pagani began his independent career as a source of prototyping and carbon fibre components for Lamborghini. Pagani’s design expertise was also highly sought after which prompted Horacio to start Modena Design in 1991.
Horacio Pagani said that the deal with the Saudis is a step in the right direction as it will further enhance the growth of the company.