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Aston Plans £653 Million Raise With Saudi Investment

  • New investor PIF poised to be No. 2 holder after Stroll group
  • Carmaker’s board turns down proposal from PE firm and Geely
Aston Martin intends to issue 23.3 million new shares to the Saudi Public Investment Fund.

Aston Martin intends to issue 23.3 million new shares to the Saudi Public Investment Fund.

Source: Aston Martin Lagonda Global Holdings Plc

Updated on

Just five months after declaring Aston Martin Lagonda Global Holdings Plc had plenty of cash, Chairman Lawrence Stroll announced plans to raise £653 million ($772 million) to pare debt and free up money for future product.

The carmaker intends to issue 23.3 million new shares to the Saudi Public Investment Fund at £3.35 a share, giving it a 17% stake, Aston said in a filing. The company will also undertake a rights issue with the PIF, Stroll’s Yew Tree Consortium and Mercedes-Benz AG investing a combined £335 million.