Azimut-Benetti Group announced that the Public Investment Fund, the sovereign wealth fund of Saudi Arabia, is now a minority shareholder with a 33% stake in the company. The Vitelli family remains the majority shareholder in the Italian builder.
“PIF will accompany Azimut-Benetti Group in the long term, offering strategic and important new business opportunities, including the Middle East, a geographic area which is undergoing development,” group chair Giovanna Vitelli said in a statement. “The family, together with its trusted management, maintains large majority of the group and its strategic direction.”
The transaction will be completed after antitrust and regulatory clearances.
Tamburi Investment Partner, an Azimut-Benetti investor in for more than eight years, will remain in the group’s share capital with a reduced stake.
