Exor takes 10% stake in data provider Clarivate, can rise to 17.5% (updated)

CLARIVATE

04/03/2024 14:50

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       MILAN, March 4 (Reuters) - Italy's Agnelli family has a
10.1% stake in New York-listed information services provider
Clarivate  16A.F  through their investment arm Exor  EXOR.AS ,
the two companies said on Monday, adding that Exor could
increase its stake to up to 17.5%.
    Exor controls companies including Ferrari  RACE.MI ,
agriculture and construction machine maker CNH  CNHI.N  and
Serie A soccer club Juventus JUVE.MI, and is the single largest
shareholder in automaker Stellantis  STLAM.MI .
    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  PHG.AS  and
become its single largest investor.

 (Reporting by Giulio Piovaccari; editing by Gavin Jones and
Jonathan Oatis)
 ((giulio.piovaccari@thomsonreuters.com))