Exor Successfully Prices Accelerated Bookbuild Offering
Exor's Successful Pricing of Accelerated Bookbuild Offering
Exor N.V. has announced a significant milestone in its investment journey, successfully completing the pricing of an accelerated bookbuild offering involving approximately 7 million common shares of Ferrari N.V. This move represents about 4% of Ferrari's outstanding shares and is anticipated to generate total proceeds of around €3 billion.
Commitment to Long-Term Shareholding
After concluding this transaction, Exor remains dedicated as Ferrari’s single largest shareholder, now holding around 20% of the economic rights and 30% of the voting rights associated with Ferrari's share capital. This reflects Exor's long-term commitment to being a major player in Ferrari's prosperous future. Moreover, to reinforce this commitment, Exor has signed a 360-day lock-up agreement pertaining to its remaining shares in Ferrari.
Anticipated Settlement Date
The settlement of this offering is expected to occur shortly, specifically on the 3rd of March. Such timelines are critical for investors and stakeholders who are keen on understanding how Exor’s investment strategy will continue to unfold.
Role of Joint Global Coordinators
Goldman Sachs Bank Europe and J.P. Morgan are serving as the joint global coordinators and bookrunners for this offering, assisted by BNP Paribas, IMI – Intesa Sanpaolo, Société Générale CIB, and UniCredit as joint bookrunners. Their expertise in executing such significant transactions positions Exor firmly within an evolving market landscape.
About Exor N.V.
Founded by the renowned Agnelli family, Exor N.V. has a rich history of developing and managing substantial investments across various sectors for over a century. The company's portfolio is diverse and notably includes substantial stakes in companies like Ferrari, Stellantis, Philips, and CNH. This strategy of focused investment has enabled Exor to blend entrepreneurial spirit with stringent financial discipline, maximizing its market impact.
Future Prospects
As Exor continues to refine its investment approach, the company remains optimistic about the potential of its portfolio companies. With ongoing strategic investments and robust management, Exor is well-positioned to navigate the challenges and opportunities of the global market landscape. Their commitment to nurturing strong businesses will undoubtedly drive growth and shareholder value.
For additional inquiries, stakeholders can reach Exor's Investor Relations department at ir@exor.com or the Media department at media@exor.com for any further clarifications or information about their strategic initiatives.
Frequently Asked Questions
What was the recent offering by Exor N.V.?
Exor recently announced the successful pricing of an accelerated bookbuild offering involving approximately 7 million common shares of Ferrari, generating around €3 billion.
What percentage of Ferrari's shares does Exor hold after the offering?
Following the transaction, Exor remains Ferrari’s largest shareholder with roughly 20% of the economic rights and 30% of the voting rights in Ferrari’s share capital.
Who are the joint global coordinators for this transaction?
Goldman Sachs Bank Europe and J.P. Morgan are the joint global coordinators, with BNP Paribas, IMI – Intesa Sanpaolo, Société Générale CIB, and UniCredit as joint bookrunners.
What lock-up commitment did Exor enter into?
Exor has entered into a 360-day lock-up commitment concerning its remaining common shares of Ferrari following the offering.
How can investors contact Exor for more information?
Investors can reach Exor's Investor Relations at ir@exor.com or their Media department at media@exor.com.
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