Saudi Arabia’s Public Investment Fund (PIF) has taken a 33-percent stake in Italian luxury yacht group Azimut Benetti for an undisclosed sum.

A spokesman for the sovereign wealth fund said that it is joining the group “with the prospect of long-term investment to support the company’s next phase of growth, guided by the strategic vision of the Vitelli family, which retains the majority stake.”

“I confirm the satisfaction and pride of the family for having earned — as the most important megayacht building group in the world — the trust of one of the largest global sovereign wealth funds, already present in luxury, technology and leisure,” said Giovanna Vitelli, daughter of the sounder and now chairwoman of the Benetti group.

The transaction is pending antitrust and regulatory clearances. Tamburi Investment Partner, which has been a shareholder in Azimut Benetti for more than eight years, will remain in the group with a reduced stake.

PHOTO: Benetti’s 108-metre FB275 superyacht