Saudi Arabia’s sovereign wealth fund, Saudi Public Investment Fund (PIF), has agreed to acquire a minority stake in Italian supercar maker Horacio Pagani SpA, Bloomberg reported.
The investment by the PIF is part of a long-term strategic partnership with the closely held Italian company.
The Pagani family will keep full control of the company, with the PIF joining Italian minority shareholders Nicola Volpi and Emilio Petrone, according to a statement.
Terms weren’t disclosed.
It's worth mentioning that the PIF had hired advisers including Boston Consulting Group to explore establishing its own domestic electric-car maker. The Saudi fund has been active in the EV space going back several years, acquiring a small stake in Tesla in 2018 and later investing in Lucid Group.
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