Agnellis’ Exor eyes further healthcare investment for expansion

Giulio Piovaccari

After investing nearly one billion euros($ 1.1 billion ) in the sector last year, CEO John Elkann stated on Monday that MILAN( Reuters )- Exor, the holding company of Italy’s’s Agnelli family, will look for additional opportunities to expand in healthcare.

Exor has approximately 6.5 billion dollars in cash obtainable for projects, including 5 billion euro for acquisitions, following the sale of its reinsurer PartnerRE.

It has already stated that its M & A activity will primarily concentrate on the luxury, technology, and healthcare industries.

Exor of the Netherlands purchased a 10 % interest in the French medical organization Institut Merieux for 833 million euros last year, and an Italian industry managing hospitals and outpatient centers called Lifenet Healthcare for 67 million euro.

Elkann, a descendant of the Agnelli family, predicted that as the world’s’s population grew older, the healthcare sector would continue to grow over the long term.

Exor would depend on the Merieux family’s’s knowledge, he said, to look” for future medical possibilities, in particular within the fields of genomics, proteomics, life technology tools, scanning, and instruments.”

According to Elkann, Exor was forming partnerships with medical organizations at an early stage of their development through its venture capital shoulder, exor Ventures.

BROTHER CHAIRMAN

Exor owns controlling stakes in businesses like Ferrari, CNH Industrial, and football team Juventus. It is the second largest investment in the automaker Stellantis.

Ajay Banga, an Indian-born U.S. nomination to lead the World Bank, declined to run for reelection as its non-executive president earlier on Monday and instead suggested Nitin Nohria for the position.

Professor of leadership and organizational performance at Harvard Business School Nohria is the administrative chairman of the American venture capital firm Thrive Capital and a board member of organizations like Anheuser-Busch InBev.

Exor stated as it presented its full year result that his election will need to be supported by owners at their common conference on May 31.

It claimed that last year’s’s profit increased to 4.227 billion euros($ 4.64 billion ), up from 1.717 billion in 2021, primarily as a result of the net profit it received from the 8.6 billion euro sale of PartnerRe. ($ 1 = 0.9113 euros )

Giulio Piovaccari reported, and Keith Weir edited.

Joe Hoft is with

Lt. Col. Stuart Scheller is present.

Brooke Livingston is with

Lee Smith is with

By Josh Ye HONG KONG( Reuters ) Tencent Holdings, a Chinese tech behemoth, announced on Monday that its self-developed video transcoding chip Canghai has…

Sega Sammy Holdings Inc. of Japan announced on Monday that it intended to buy Finland’s’s Rovio Entertainment Oyj for 706 million dollars.

Shares of Infosys Ltd. fell by almost 15 % on Monday, dragging peers and the benchmark index after the… by Nishit Navin BENGALURU ( Reuters)

( Reuters ) Apple Inc. ‘ s TV platform was restored following a brief outage that affected thousands of users in the United States.