Mahindra announced that they have bought the Pininfarina design house for €168 million. The agreement includes the purchase of 76.06% of Pininfarina, with the remainder to be issued later in an open offer.
In particular, the percentage of shares was sold for €25.3 million or €1.10 per piece, but Mahindra pledged that they will also invest 20 million euros on the design house and provide security to creditors amounting to €114.5 million. This resulted in the share price to rise by almost 400%, closing today at €4.20.
Pininfarina will continue as an independent company, with Paolo Pininfarina to remain at the head of the board of directors.
