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Italy and Qatar's Sovereign Wealth Funds in joint venture.

Fondo Strategico Italiano Spa (FSI) - the holding company controlled by the Cassa Depositi e Prestiti (CDP) - and Qatar Holding (QH) signed an agreement today (19 November) to set up a joint venture named 'IQ Made in Italy Venture'

Under the terms of the agreement, the joint venture will have total capital of up to E 2 billion, to be equally provided by FSI and QH over the first four years, with E 300 million at inception.

The joint venture will invest in Italian companies operating in some of the sectors of so-called "Made in Italy": food & food distribution; fashion & luxury; furniture & design; tourism; lifestyle and leisure.

All these are sectors of excellence of Italian economy and key contributors to Italy's exports. Additionally, they present a number of high quality businesses with significant potential of growth and international expansion.

Thanks to the capital made available from its shareholders, the IQ Made in Italy Venture aims at investing in leading businesses and at creating value through several levers, including sector consolidation and transformation through organic and international growth.

By combining the local knowledge and franchise of FSI with the global reach and sector knowledge of QH, the joint venture would be able to provide to investee companies a unique set of skills and reach to foster their growth processes.

The IQ Made in Italy Venture will be run by FSI and QH on equal governance terms.

The agreement could be reached thanks to the excellent discussions that have been held in the occasion of the visit of the Italian Prime Minister Mario Monti to Qatar and is one of the initiatives that form part of a framework of the cooperation and excellent bilateral relationship between Qatar and the Italian Republic.

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:7QATA
Date:Nov 19, 2012
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