Catenaa, Thursday, February 27, 2025– The holding company of Italy’s Agnelli has sold $ 3.15 billion worth of its stake in Ferrari, the company said on Thursday, to raise funds for a sizeable acquisition and launch a share buyback program.
The company has sold a stake of about 4% in the Italian luxury sports car maker for roughly $ 3.15 billion, offering 7 million common shares, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are arranging the sale and the offering is expected to settle on March 3.
However, the billionaire family remains Ferrari’s largest shareholder, retaining roughly 30% of its voting rights.
Exor NV, the investment vehicle of the Agnelli clan, said the proceeds will be used for a “sizable” new acquisition and $ 1.05 billion for a share buyback.
“The transaction will allow us to reduce our concentration and improve diversification,” Exor’s Chief Executive Officer John Elkann said Wednesday in a statement. “Our support for Ferrari and our trust in its solid future is unwavering.”
In a separate statement, Ferrari said it intended to buy as much as 10% of the shares disposed of by Exor, up to a maximum of $ 315 million.
Exor has a long history of investing in companies that the Agnelli family sees as promising. It also wields prominent stakes in Jeep maker car maker Stellantis, Dutch health-technology company Royal Philips and machinery maker CNH Industrial.
Ferrari is one of the world’s most iconic brands. Chief Executive Officer Benedetto Vigna is committed to keeping Ferrari’s product line exclusive and leaning on customization to boost profit.
Exor shares were up more than 2% in European morning trading, while Ferrari stock was down more than 6%.
