Aston Martin has agreed to sell up to 20 percent of its shares to billionaire Lawrence Stroll, owner of the Formula 1 Racing Point team.
According to Automotive News, the consortium led by Lawrence Stroll will pay $239 million for a 16.7 percent stake. The contract provides that Stroll will eventually become the owner of 20 percent. Aston Martin shared the post.
Stroll, a Canadian investor who owns the Formula 1 team Racing Point, won the backing of Aston Martin after rival Geely shelved the idea of investing in the British sports car maker. Geely, which controls Sweden’s Volvo, British Lotus Cars and owns a stake in Daimler, was interested in the technology exchange agreement.
Aston Martin was in need of an injection of capital. It mainly concerns the production plans of the recently presented DBX model, which is the first SUV in the history of the brand.
The British company has high hopes for the DBX model. The car has a chance to appeal to a much larger group of buyers than luxury sports cars, which, while impressive in their style and technology, remain good cars.
Aston Martin was founded in 1913 and its name comes from the Aston Clinton Hill Climb and the name of one of its founders, Lionel Martin. Another partner was Robert Bamford. Just a few years after its inception, Aston Martin changed owners and to this day the company has gone through various ups and downs, including the threat of bankruptcy.
In 1986, the Ford concern became the largest owner of the company. The Americans dominated Aston Martin for more than 20 years. In 2007, they sold 85 percent of the shares to a consortium formed by several British businessmen and the Kuwaiti companies Dar Investment and Adeem Investment.
Skoda. Presentation of the SUV range: Kodiaq, Kamiq and Karoq
Affiliate promotional materials