Aston Martin has attracted new investment from Saudi Arabia's sovereign wealth fund, making it the second-largest shareholder in the British car maker.
The company has now announced plans for new “equity financing and strategic investment” from Saudi’s Public Investment Fund.
With additional funding from existing investors, including Mercedes-Benz, Aston Martin is set to raise a total of £653m, leaving PIF as the second-largest shareholder with a 17% stake in the business. In making the announcement Aston Martin confirmed it has rejected an investment proposal from a consortium that included China’s Geely Group, which owns brands such as Volvo, Proton and Lotus in its portfolio.Stroll made it clear that the Saudi investment was a major coup for the company.
“It transforms our balance sheet, liquidity and cashflow profile and provides greater clarity on our pathway to become sustainably free cash flow positive and create significant shareholder value.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Biden's Saudi trip has proved so thornyOn this Middle East tour, the president must walk a foreign policy tightrope.
Read more »
Biden's Saudi Arabia Trip Is Really About RussiaThe U.S. has decided it needs the Middle Eastern country on its side as it prepares for a new era of confrontation with Russia.
Read more »
Why Biden Could Come Back From Saudi Arabia Empty Handed | OilPrice.comU.S. President Joe Biden is heading to Saudi Arabia this week to make the case for additional oil supply, but he may come back empty-handed
Read more »
Barcelona leading race for Villa starlet, who is left out of pre-season tourBarcelona are leading the race to sign Aston Villa’s teenage midfielder Carney Chukwuemeka, talkSPORT understands. The LaLiga giants, as well as a number of top European Premier League sides …
Read more »
Aston Villa put £20m price tag on Chukwuemeka amid Man United and Barcelona interestAston Villa have put a £20million price tag on sought-after youngster Carney Chukwuemeka, talkSPORT understands. The 18-year-old English midfielder has admirers in the shape of Barcelona and Boruss…
Read more »