Agnelli Family Sells €3 Billion Ferrari Stake to Fund M&A Deal

The Agnelli family sold a €3 billion ($3.14 billion) stake in Ferrari NV to fund what it calls a “sizeable new acquisition” and stock buyback.

Exor NV, the investment vehicle of the Agnelli clan, sold around seven million common shares in the luxury carmaker, according to a statement Thursday. Part of the proceeds will be used for an M&A transaction, with €1 billion earmarked for a share buyback, the company said.

Exor, which remains Ferrari’s largest shareholder with 30% of its voting rights, has been diversifying its investments under the leadership of Chief Executive Officer John Elkann, ...