RIYADH — The Public Investment Fund (PIF) has signed a strategic agreement with Italy-based supercar maker Horacio Pagani SpA to become a minority shareholder in the company.

Pagani announced on Thursday a long-term strategic plan aimed at continuing its innovation path in the hypercars market and, at the same time, exploring new growth opportunities within the lifestyle segment, through the launch of Pagani Arte.

In accordance with this plan, Pagani signed a long-term strategic partnership with the Public Investment Fund (PIF).

The agreement envisages a long-term investment by PIF, which will become a minority shareholder of the company on completion of the transaction, which remains subject to customary conditions.

PIF, one of the world’s largest and most impactful sovereign wealth funds, is the economic engine of the Saudi Vision 2030, driving the diversification of Saudi Arabia’s economy.

The agreement with Pagani is in line with PIF’s strategy through investing opportunistically in partnerships with strong international businesses.

Throughout the 20 years since the launch of its first model, Pagani has created iconic hypercars inspired by a no-compromise approach and a constant quest for excellence from both a technological and artistic standpoint.

The transaction envisages the acquisition by PIF of a minority stake in Pagani, joining existing minority shareholders Nicola Volpi and Emilio Petrone.

The Pagani family will maintain control of the company as majority shareholder. At the same time, Horacio Pagani, founder, chief executive officer and chief design officer, will retain a leadership position and a pivotal role within the company.

Pagani, said: “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.

“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.”

“Today 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, irrespectively of their powertrain technology.”

“PIF represents the ideal partner to further consolidate Pagani positioning as an iconic brand in the hypercars segment as well as to support its expansion strategy in the lifestyle segment," he added. — SG