Italy’s Agnelli family has a 10.1% stake in New York-listed information services provider Clarivate through their investment arm Exor, the two companies said on Monday, adding that Exor could increase its stake to up to 17.5%.
Exor controls companies including Ferrari, agriculture and construction machine maker CNH and Serie A soccer club Juventus JUVE.MI, and is the single largest shareholder in automaker Stellantis.
Monday’s announcement is the latest step in the holding company’s investment campaign, propelled two years ago by the USD 9 billion it raised from the sale of its reinsurer PartnerRe to France’s Covea. It is using the cash for M&A and share buybacks.
“Exor becomes a long-term investor in Clarivate, endorsing the strategic direction set out by the company’s management and board,” the companies said.
As part of the agreement, Exor COO Suzanne Heywood would be a candidate for a seat on Clarivate’s board at the company’s shareholders meeting in May, they added.
Financial details were not disclosed, but UK-based Clarivate — a global provider of data, analytics, technology and expert services to several sectors including healthcare — has a market capitalisation of around USD 4.8 billions.
Exor, which already held a stake in Clarivate of just above 1%, has now become its second largest investor. Should it increase its shareholding to 17.5%, Exor would match the company’s current top shareholder, private equity firm Leonard Green & Partners.
Exor’s investments cover a broad range of industries, including manufacturing, healthcare, media, fashion, sport and technology. Last year the Netherlands-based company spent 2.6 billion euros to buy a 15% stake in Philips’s and become its single largest investor.
