Saudi Sovereign Wealth Fund Takes Stake in Horacio Pagani
Posted on 08/19/2021
Saudi Arabia’s sovereign wealth fund, The Public Investment Fund (PIF), agreed to buy a minority stake in Italian supercar maker Horacio Pagani SpA. PIF has an appetited for car investment, including Lucid Motors Inc. 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.
Horacio Pagani SpA is based near Modena in northern Italy, was founded by Italian-Argentine entrepreneur Horacio Pagani in 1992.
UBS Investment Bank acted as Pagani’s financial adviser. Withers Studio Legale acted as legal adviser to the selling shareholders.
Earlier, PIF tapped one of its consultants, Boston Consulting Group, to explore creating its own Saudi electric car maker.