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Dec 3, 2023

Saudi Arabia's NEOM invests in Technogym

Finance / Fitness

Saudi Arabia NEOM Investment Fund (NIF) - the strategic investment arm of NEOM Company - announced late last week it will hold 6% of Technogym share capital after a €111.1 million investment, intending to be a long-term minority shareholder in the Italian-based fitness equipment manufacturer.

In a reverse accelerated bookbuilding (RABB) operation, NIF bought 8.8 million shares at €9.20 each from other investors and entered a derivate solution for the purchase of a further 3.3 million ordinary shares, the statement said.

Shares at Technogym were up 6.1% at 8.48 euros per share at 1150 GMT, after closing last thursday at €7.99 per share. The price paid by NIF represents a 15% premium compared to Thursday's Technogym closing price.

JP Morgan acted as sole bookrunner for the transaction, while Rothschild acted as financial advisor to NIF.

For more information about NEOM Investment Fund Company visit www.neom.com/en-us/invest/neom-investment-fund NEOM Investment Fund Company

Image. Technogym workout at a Fitness Time Xpress. Leejam runs 170-plus gyms in Saudi Arabia and the UAE. Credit: Leejam Sports Company

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