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Indian automobile manufacturer Mahindra was rumoured to
purchase the famous Italian design house named Pininfarina.
Press Release:
December 14, 2015 - Tech Mahindra Limited, a leading
provider of IT, Networks and Engineering solutions and BPO services, and
Mahindra & Mahindra, part of the global $ 16.9 billion Mahindra Group, have
jointly entered into an agreement with Pincar S.r.l., to purchase a controlling
stake in Pininfarina S.p.A., an iconic Italian brand in automotive and
industrial design.
Rumors have been flying for some time now that a deal was in
the works, but confirmation comes from pininfarina and now Pininfarina
has followed Jaguar Land Rover into the breach of Indian ownership, having
been purchased by Mahindra.
As part of the agreement, Tech Mahindra and M&M shall
purchase 76.06 % of Pininfarina shares from the current controlling shareholder
Pincar S.r.l. at a price of Euro 1.1 per share. This investment by Tech
Mahindra and M&M shall be done via a joint venture company
("JVCo"), whose ownership shall be held 60 % by Tech Mahindra and 40
% by M&M.
Mahindra, a massive conglomerate based in India, will pay
around $28 million for 76-percent of the Italian design house, and plans to
make offers for the remaining 24 percent.
In addition to buying stock, Mahindra will invest 20 million
euros in Pininfarina and provide a guarantee to creditors of 114.5 million
euros.
Mahindra has assured that Pininfarina will still operate as
an independent company and remain listed on the Milan Stock Exchange with Paolo
Pininfarina staying on as the company’s chairman.
Pininfarina is "a jewel," Tech Mahindra’s CEO
Chander Prakash Gurnani said at a press conference in Turin. “It will continue
to be polished. It will continue to be built better now we have the financial
muscles to build it.”
Congrat on pininfarina 85th anniversary…
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