By Pierre Bertrand

Intesa Sanpaolo said that it has invested in Elon Musk's Space Exploration Technologies Corp. for an unspecified amount, adding that this reflects Intesa's confidence in the company and its role in the aerospace sector.

Intesa said the investment was in line with its business plan to 2025 in a release Friday, which also highlighted the achievements of Musk's space company, also known as SpaceX.

"Intesa Sanpaolo believes the aerospace sector can play a crucial role in driving the development and growth of the world's economies. That's why the group has chosen to invest in a company that has shown a cutting-edge vision for the future," Intesa said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

October 06, 2023 04:42 ET (08:42 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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