The Agnelli family is selling a valued participation in around 3,000 million euros (US $ 3,150 million) in Ferrari NV, After the value of the supercar manufacturer has increased more than 10 times since its initial public offer in the United States.
Exor NV, the Agnelli clan investment vehicle, seeks to get rid of seven million ordinary shares of the luxury car manufacturer, according to a statement published on Wednesday. The multimillionaire family will continue to be Ferrari’s largest shareholder and will retain approximately 30% of their voting rights.
The sale is equivalent to approximately 4% of the capital in circulation and will be executed through an accelerated offer of placing shares for institutional investorsaccording to the same statement. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are organizing the sale and the offer is expected to be liquidated on March 3.
Ferrari’s shares fell up to 5.4% to US $ 477.47 in New York after the announcement, the highest level since November 2024. Income will be used for a new “considerable” and US $ 1,048 million for a repurchase of shares, Exor said.
“The transaction will allow us to reduce our concentration and improve diversification,” said Exor executive director John Elkann, in the statement. “Our support for Ferrari and our confidence in their solid future are unwavering.”
In a separate statement, Ferrari said he will buy up to 10% of the shares alienated by Exor, up to a maximum of US $ 314 million.
Ferrari is one of the most emblematic luxury brands in the world. The executive director, Benedetto Vigna, has pledged to maintain the exclusivity of the Ferrari product line, relying on customization services to increase profits.
Ferrari, which was previously owned by Fiat, the automobile manufacturer founded by the Agnelli family and is now part of Stellantis NV, was split up about ten years ago. Its stock market capitalization, in the New York Stock Exchange, has grown until it reaches US $ 131,039 million.
