The Saudi NEOM Investment Fund has announced its acquisition of a 6% stake in the Italian company Technogym, which specializes in manufacturing fitness equipment, after investing €111 million ($120.83 million). The fund indicated its intention to become a long-term minority shareholder in the company.
In a statement, the fund mentioned that it purchased 8.8 million shares at a price of €9.20 per share from other investors, and it is also seeking to buy 3.3 million ordinary shares in the form of financial derivatives.
Technogym's shares rose by 6.1% to €8.48 per share by 11:50 GMT, after closing at €7.99 per share the previous day. The price paid by the fund represents a 15% premium compared to the company's closing share price yesterday.
Rome and Riyadh signed an agreement in September to enhance economic relations and increase investments, focusing on areas such as energy, sustainability, supply chains, and sports.
