Just few years after Italdesign’s acquisition by the VW Group in 2010 and Bertone‘s bankruptcy in 2014, the other major Italian design firm has now been purchased by the Indian group Mahindra, and more specifically by Tech Mahindra Limited, a leading provider of IT, Networks and Engineering solutions and BPO services, and Mahindra & Mahindra,
The companies have jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A..
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.
This will be followed by an open offer for all the remaining ordinary shares of Pininfarina, at the same purchase price paid for the shares held by Pincar. A rights issue to infuse funds into the design & styling major will also be executed before the end of 2016.
Pininfarina will continue to remain an independent company, listed on the Milan Stock Exchange, with Mr Paolo Pininfarina continuing as the Chairman of its board.