Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 04 17T073433Z 1 LYNXMPEJ3G06L RTROPTP 4 EXOR RESULTS - Business Express

Agnellis’ Exor eyes further healthcare investment for expansion


Agnellis’ Exor eyes further healthcare investment for expansion

By Giulio Piovaccari

MILAN (Reuters) -Exor the holding company of Italy’s Agnelli family, will seek further opportunities to expand in healthcare after investing almost one billion euros ($1.1 billion) in the industry last year, CEO John Elkann said on Monday.

After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in cash available for investments, including 5 billion euros for acquisitions.

It has already said its M&A activity would mainly focus on healthcare, luxury and technology businesses.

Last year Netherlands-based Exor bought a 10% stake in French healthcare group Institut Merieux for 833 million euros and a 45% stake in Lifenet Healthcare, an Italian company managing hospitals and outpatient clinics, for 67 million euros.

Elkann, the scion of Agnelli family, said the healthcare industry would continue to expand in the long term as the world’s population was projected to age.

He said Exor would rely on the Merieux family’s expertise as it searched “for future healthcare opportunities, in particular within the fields of genomics, proteomics, life science tools, imaging and instruments”.

Through its venture capital arm Exor Ventures, Exor was also developing partnerships with healthcare companies at an early stage of their development, Elkann said.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

NEW CHAIRMAN

Exor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari, CNH Industrial and soccer club Juventus.

Earlier on Monday Exor said Indian-born Ajay Banga, the U.S. nominee to run the World Bank, would not seek reappointment as its non-executive chairman and proposed Nitin Nohria for the role.

Nohria, a Harvard Business School professor with an academic focus on leadership and corporate performance, is the executive chairman of U.S. venture capital firm Thrive Capital and is a board member of companies including Anheuser-Busch InBev.

His nomination will have to be backed by shareholders at their general meeting on May 31, Exor said as it presented its full year results.

It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021 mainly due to the net gain it booked from the 8.6 billion euro sale of PartnerRe. ($1 = 0.9113 euros)

(Reporting by Giulio PiovaccariEditing by Keith Weir)

 

Recent Post: