Saudi fund acquires 33% of Azimut Benetti Group
Benetti Giga Yacht FB275, one of the biggest yacht in the Azimut|Benetti fleet
Saudi Arabia’s Public Investment Fund (PIF) is a new minority shareholder in Italian luxury yacht group Azimut Benetti, with a 33 per cent share of the company.
In a statement, a spokesperson for the sovereign wealth fund of Saudi Arabia, one of the largest in the world, says PIF 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.”
“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,” says Giovanna Vitelli, chair of Azimut Benetti Group.
“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 strong development. The family, together with its trusted management, maintains a large majority of the group and its strategic direction.”
The transaction will be completed pending antitrust and regulatory clearances. Italy-based TIP (Tamburi Investment Partner), which has been a partner of Azimut Benetti for over eight years, will remain in the group’s share capital with a reduced stake.
