2023-06-18 09:01:21
EAn Italian domain, the construction of luxury motor yachts, is becoming a bit Arabic. Because the state fund of Saudi Arabia, Public Investment Fund (PIF), takes over a third of the world market leader Azimut Benetti SpA from Tuscany. Almost in time for Benetti’s 150th anniversary, the family business opened up its capital for the Arabs to enter. With this, Azimut Benetti wants to get new funds for investments and better access to the market in the Middle East. It is about a “minority stake with a strategic logic without any exit obligations,” said Giovanna Vitelli, Chair of the Board of Directors, in an interview with the FAZ
The move opens up new opportunities for strategic alliances. “PIF has invested in high technology all over the world, for example in the field of electromobility with American battery companies.” The investors are not a “typical speculative investment fund”, but a “sovereign fund with a long-term growth logic”.
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