Saudi Arabia’s PIF invests in Azimut-Benetti
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, joins the Azimut-Benetti Group as a minority shareholder and strategic partner.
Azimut-Benetti Group’s Livorno shipyard
Azimut-Benetti Group has announced that the Public Investment Fund (PIF) is set to become a new minority shareholder, with a 33 per cent share of the Italy-based company. The transaction will be completed upon the favourable outcome of antitrust and regulatory clearances.
PIF, the sovereign wealth fund of Saudi Arabia and one of the largest in the world, joins the Group with the prospect of long-term investment to support the company’s next phase of growth guided by the strategic vision of the Vitelli family, which retains the majority stake.
As with previous transactions, the new investment will open new opportunities for the Azimut-Benetti Group. PIF’s financial strength and synergies with other sectors will be able to support Azimut-Benetti in its dimensional and technological growth, while the Group will benefit from PIF’s prominent position as a leading global investor.
Giovanna Vitelli, Chair, Azimut-Benetti Group
TIP (Tamburi Investment Partners), a partner of Azimut-Benetti for over eight years, will remain in the Group’s share capital with a reduced stake, a sign of the continuing confidence in the long-term growth of the Group and in the leadership of the Vitelli family.
Giovanna Vitelli, Chair of Azimut-Benetti Group, said: “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 in the Middle East, a geographic area which is undergoing strong development. The family, together with its trusted management, maintains the large majority of the Group and its strategic direction.”