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(Bloomberg) -- The Agnelli family sold a €3 billion ($3.14 billion) stake in Ferrari NV to fund what it calls a “sizeable new acquisition” and stock buyback.

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Exor NV, the investment vehicle of the Agnelli clan, sold around seven million common shares in the luxury carmaker, according to a statement Thursday. Part of the proceeds will be used for an M&A transaction, with €1 billion earmarked for a share buyback, the company said.

Exor, which remains Ferrari’s largest shareholder with 30% of its voting rights, has been diversifying its investments under the leadership of Chief Executive Officer John Elkann, the heir of the Italian family that founded Fiat over 125 years ago. The company owns assets worth over €38 billion including stakes in Philips NV and Stellantis NV.

The sale equals to about 4% of the outstanding capital and was executed via an accelerated bookbuilding offering to institutional investors. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are arranging the sale and the offering is expected to settle on March 3.

Exor sold the shares at a 6.9% discount to the prior closing price in Milan, according to terms seen by Bloomberg. Ferrari shares fell as much as 8.6% in Milan trading on Thursday morning, after the US listing dropped 4.9% on Wednesday. Exor shares rose as much as 4.6% in Amsterdam.

“The transaction will allow us to reduce our concentration and improve diversification,” Elkann said in a statement Wednesday. “Our support to Ferrari and our trust in its solid future is unwavering.”

In a separate press release, Ferrari said it intended to buy as much as 10% of the shares disposed by Exor, up to a maximum of €300 million.

Ferrari was spun off almost a decade ago by Fiat. Its market capitalization on the New York Stock Exchange has grown about 10 times since the IPO to $125 billion earlier this month.

--With assistance from Bre Bradham, Daniele Lepido and Pablo Mayo Cerqueiro.

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