Ferrari N.V. has repurchased 666,666 common shares for approximately EUR 300 million as part of Exor’s accelerated bookbuild offering. This marks the seventh tranche of Ferrari's multi-year share buyback program, which aims to repurchase around EUR 2 billion worth of shares, as announced during the 2022 Capital Markets Day.

Our team, combining the expertise of both our capital markets and tax advisers, acted as Dutch counsel for Ferrari N.V. on all aspects of this complex, multi-layered repurchase.

Following completion of the transaction, Exor remains Ferrari’s single largest shareholder with approximately 20% of the economic rights and approximately 30% of the voting rights in Ferrari’s share capital and remains fully committed as a long-term shareholder of Ferrari. Moreover, in the context of the transaction, Exor has entered into a 360-day lock-up commitment, with respect to its remaining common shares of Ferrari N.V.