company planning “Aston Martin” (Aston Martin Lagonda Global Holdings Plc) to raise 653 million pounds ($772 million) from the Saudi sovereign fund and existing shareholders in an effort to reduce debt and provide funds for future product development.
The automaker plans to issue 23.3 million new shares for “Public Investment Fund” Saudi Arabia is priced at £3.35 per share, giving it a 17% stake, according to a company statement.
The company will also issue a rights issue with the Public Investment Fund and Lawrence Stroll, Chairman of the Yew Tree Consortium and Mercedes-Benz investing £335 million.
2025 Aston Martin electric car production date in Britain
Aston Martin’s board also said it had rejected a £1.3 billion investment offer from Investindustrial Group Holdings and Geely International, which it believed “significantly exaggerated the company’s new capital requirements.” It would not have severely reduced the share of existing shareholders, and would have been difficult to implement.”
After being positioned as a Ferrari counterpart; Aston Martin has struggled since it went public in London four years ago. The automaker was forced in 2020 to seek a bailout by Canadian billionaire Lawrence Stroll, who poured money in and forged closer ties with Mercedes-Benz.
In May, the company appointed Amedeo Felica as CEO to replace Tobias Moores, who was brought in by Strolls from Mercedes.
