Saudi's PIF acquires 33% of Azimut|Benetti Group

Public Investment Fund (PIF) is a new minority shareholder of Azimut|Benetti Group, with a 33% share of the company. PIF, the sovereign wealth fund of Saudi Arabia joins the Group with the prospect of long-term investment. It will also 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 superyacht building group in the world – the trust of one of the largest global sovereign wealth funds, already present in luxury, technology and leisure,” Giovanna Vitelli, Chair of Azimut|Benetti Group, commented.

“PIF will accompany Azimut|Benetti Group in the long term, offering strategic and important new business opportunities, including the Middle East, a geographic area that is undergoing strong development. The family, together with its trusted management, maintains a large majority of the Group and its strategic direction.” Azimut|Benetti Group states that this move will open up new strategic opportunities. “PIF's financial strength and synergies with other sectors will be able to support the Group in its dimensional and technological growth. In addition, the Group will benefit from PIF's prominent position as a leading global investor,” the shipyard reports.

The transaction will be completed upon the favourable outcome of antitrust and regulatory clearances. With PIF, TIP (Tamburi Investment Partner), which is already a partner of the Azimut|Benetti Group for over 8 years, will remain in the Group's share capital with a reduced stake.