Ferrari and Mubadala Development Company, a principal investment company wholly owned by the government of Abu Dhabi, have announced the purchase of a 5% stake in Ferrari by Mubadala from Italian bank Mediobanca, according to The Car Connection (TCC) website.

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The deal reportedly sees Mubadala pay $US139 million to purchase 5% of Ferrari from Mediobanca, valuing Ferrari at a total of $2.78 billion and also provides for an earn out in favour of Mediobanca in case the IPO of Ferrari is completed within the next 24 months, at a price ensuring to Mudabala an internal rate of return above 10%.


“This is the first time that we, Fiat, have welcomed a non-financial institution to become a Ferrari shareholder. The key benefit of extending our shareholder base beyond traditional financial institutions will be a new opportunity for our development,” TCC quoted Luca di Montezemolo, chairman of Ferrari and of Fiat (a 56% majority shareholder in the Italian luxury brand) as saying


“We know Mubadala is committed to being an extremely reliable, stable shareholder and partner to existing shareholders,” he reportedly added.


According to The Car Connection, di Montezemolo said the strategic alliance with Mubadala, and therefore the government of Abu Dhabi, would bring Ferrari “compelling and dynamic new strategies especially in the Middle East and North African markets. Our initial areas for consideration will range from the creation and development of road and racing car testing initiatives, along with professional driving schools through to the leveraging of opportunities around brand experiences and merchandising.”

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