MILAN (Reuters) – Italy's Agnelli family holds a 10.1% stake in New York-listed information services provider Clarivate through its investment arm Exor, the companies said on Monday, with Exor increasing its stake to up to 17.5%. He added that there is a possibility.
Exor controls companies such as Ferrari, agricultural and construction machinery maker CNH, and Serie A soccer club Juventus JUVE.MI, and is the single largest shareholder in carmaker Stellantis.
Monday's announcement is the latest step in the holding company's investment campaign, driven by the $9 billion it raised two years ago when it sold reinsurer Partneri to France's Covea. The funds will be used for M&A and share buybacks.
“Exor will be a long-term investor in Clarivate and supports the strategic direction set by the company's management and board of directors,” the companies said.
As part of the agreement, Exor's chief operating officer, Suzanne Heywood, will be nominated for Clarivate's board of directors at the company's general meeting in May, it added.
Although financial details have not been disclosed, UK-based Clarivate, a global provider of data, analytics, technology and professional services to several sectors including healthcare, has a market capitalization of approximately 4.8 billion. It is a dollar.
Exor already held just over 1% of Clarivate's shares, but is now the company's second-largest investor. If Exor increases its stake to 17.5%, it will put it on par with its current largest shareholder, private equity firm Leonard Green & Partners.
Exor's investments cover a wide range of industries including manufacturing, healthcare, media, fashion, sports and technology. The Netherlands-based company spent 2.6 billion euros last year to acquire a 15% stake in Philips, making it its largest investor.
(Reporting by Giulio Piovaccari; Editing by Gavin Jones and Jonathan Oatis)