Saudi Arabia’s Public Investment Fund (PIF) has agreed to buy a 30 per cent stake in Pagani.
Financial details about the deal have not been disclosed but the Pagani family will remain as the majority shareholder while the Saudi Arabia’s PIF will be a minority shareholder alongside Italian minority shareholders Nicola Volpi and Emilio Petrone. Horacio Pagani will retain his role as chief executive and chief design officer.
“Ever since its foundation, Pagani has enjoyed partnerships with best-in-class players, as we believe that excellence can only be reached through team-work,” Horacio Pagani said in a statement. “This is proven by our long-standing partnerships with our technology partners -clear technology leaders in their reference sectors- that will continue to play an important role in Pagani’s future.”
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“We are proud to announce an important partnership with PIF, a key step in our long-term growth strategy, which envisages significant investments to ensure that our next hypercars will keep conveying unique emotions, irrespective of their powertrain technology,” he added. “PIF represents the ideal partner to further consolidate Pagani positioning as a brand in the hypercars segment as well as to support its expansion strategy in the lifestyle segment.”
Saudi Arabia’s Public Investment Fund is one of the world’s largest sovereign wealth funds and has investments in U.S. publicly listed companies that are valued at $15.94 billion. It was once a small stakeholder in Tesla and later became a key investor in Lucid.
Pagani says that the deal will allow it to continue its innovative path in the hypercar industry while also exploring new growth opportunities in the lifestyle segment through the launch of Pagani Arte.
