Italy’s Billionaire Agnelli Family Buys 15% Stake Stake in Philips (for about $2.84 billion)

Netherlands-based Exor NV, the investment arm of Italy’s Agnelli family, has become the top investor in Koninklijke Philips N.V. (Royal Philips) by buying 15% of the Dutch electronics company for about 2.6 billion euros ($2.8 billion). Exor NV is now the largest shareholder in Philips.

While Exor NV doesn’t plan to buy more Royal Philips shares in the short term, the deal allows the company to eventually increase its stake to 20%. Exor will get a seat on the Dutch company’s supervisory board, according to the agreement.

Under the leadership of John Elkann, Exor, with a net asset value of about €28 billion. The Agnelli family owns 53% of Exor NV through a separate holding company Giovanni Agnelli B.V. that includes dozens of his descendants as investors.

The Agnelli family has a longstanding history of investing in the automotive industry, which is unsurprising given that Giovanni Agnelli was a co-founder of Fiat. However, more recently they have diversified their portfolio by investing in the healthcare and technology sectors. Additionally, they are the proud owners of the Italian Serie A football club, Juventus.

Exor also controls sports carmaker Ferrari, Juventus Football Club and owns stakes in carmaker Stellantis, as well as The Economist Group.

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