Aston Martin Plans £653 Million Raise Supported by Saudi Fund

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Aston Martin Plans £653 Million Raise Supported by Saudi Fund

PIF will own a 16.7% stake in Aston Martin and will be entitled to two board seats, behind the 18.3% holding Chairman Lawrence Stroll’s Yew Tree will have after the rights issue.

For Aston Martin, the preferred ride of fictional secret agent James Bond which has gone bankrupt seven times in its history, the investment means it can secure its long-term future.

Its current second-largest shareholder, German carmaker Mercedes-Benz AG will own about 9.7% after the capital raising.

Story Highlights

  • PIF’s 78 million pound investment, together with a 575 million pound rights issue, will allow the 109-year-old company lower its debt and invest in new models.

  • The sovereign wealth fund, which owns stakes in electric carmaker Lucid Motors and British supercar group McLaren has been diversifying its oil-rich investment portfolio.