PIF becomes minority shareholder of Azimut Benetti
The Public Investment Fund (PIF) of Saudi Arabia takes a 33% share of The Azimut|Benetti Group, with the Vitelli family retaining the majority stake…
The Azimut|Benetti Group announces the Public Investment Fund (PIF) of Saudi Arabia as a new minority shareholder with a 33% share of the company. The PIF is one of the largest sovereign wealth funds in the world and, according to Azimut|Benetti, will support the company's next phase of growth with long-term investment, while the Vitelli family retains the majority stake.
This transaction will 'provide the Azimut|Benetti Group with new strategic opportunities and will support the company's dimensional and technological growth,' according to a statement. The transaction is subject to antitrust and regulatory clearances. TIP (Tamburi Investment Partner), which has been a partner of Azimut|Benetti Group for over 8 years, will remain in the Group's share capital with a reduced stake.
Giovanna Vitelli, Chair of Azimut|Benetti Group, states: "I confirm the satisfaction and pride of the family for having earned - as the most important megayacht building group in the world - the trust of one of the largest global sovereign wealth funds, already present in luxury, technology and leisure. PIF will accompany Azimut|Benetti Group in the long term, offering strategic and important new business opportunities, including the Middle East, a geographic area which is undergoing strong development. The family, together with its trusted management, maintains a large majority of the Group and its strategic direction."
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