By Jo Anne Bladd
Deal will bring Fiat's stake in Ferrari to 90%, Mubadala hopes to continue working with Italian carmaker
Development Company, Abu Dhabi’s state-backed investment fund, has sold its
five percent stake in Ferrari back to Fiat, five years after taking a share in
the luxury carmaker.
investment firm said Ferrari's parent Fiat exercised an option that gave it the
right to buy back the stake Mubadala acquired in 2005.
“The call option, which was set to expire at
the end of July, had been extended twice before by mutual consent between Fiat
and Mubadala. We are currently in discussions to complete the transaction,” the
Abu Dhabi fund said in a statement.
did not provide financial details. But Fiat's third-quarter results released last
month show the deal cost it €122m ($167m).
transaction will increase Fiat’s share in Ferrari to 90 percent.
have a strong relationship with Ferrari and are continuously looking for ways
to work together,” the Mubadala statement said.
luxury Italian carmaker’s links with the UAE capital were enhanced this month
by the opening of the first Ferrari World theme park, a joint venture with Abu
Dhabi’s Aldar Properties.
at the launch, Michele Pignatti, head of new business at Ferrari, said the
carmaker is mulling a string of theme parks in partnership with Aldar.
will] be opening other ones in the world but we are not going to say where
yet,” he told Arabian Business. “We have opened this one and let’s see the
we are looking in other countries we will definitely look with [Aldar].”