MILAN (Reuters) -Italy's Agnelli family has a 10.1% stake in New York-listed information services provider Clarivate through their investment arm Exor (AS:EXOR), the two companies said on Monday, adding that Exor could increase its stake to up to 17.5%.
Exor controls companies including Ferrari (NYSE:RACE), agriculture and construction machine maker CNH and Serie A soccer club Juventus JUVE.MI, and is the single largest shareholder in automaker Stellantis (NYSE:STLA).
Monday's announcement is the latest step in the holding company's investment campaign, propelled two years ago by the $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 $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.