• Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups
 

Talk Finance

£$$€№₮IAL €¢¤₦¤MI¢ №€₩$
  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

Talk Finance

  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

In Money Matters

Saudi Arabia invests heavily in Aston Martin, hopes on ‘a game changer’

16th July 2022 Matthew Weller DMCA.com Protection Status

Saudi Arabia invests heavily in Aston Martin, hopes on ‘a game changer’ Pin It

Aston Martin has a new major investor from Saudi Arabia. The Saudi state’s Welfare Fund is putting money into the British car brand that has been owned by businessman Lawrence Stroll for several years.

Aston Martin Lagonda Holdings has been under financial strain for years due to market pressure and a falling share price. CEO Tobias Moers was replaced in May by Amedeo Felisa, who previously worked at Ferrari. The company has now announced plans for “equity financing and strategic investment” from Saudi Arabia’s Public Investment Fund (PIF).

PIF also owns Aston Martin F1 sponsor Aramco, with whom the team recently struck a deal. The fund invests in major companies such as Boeing, Disney, CitiCorp, Facebook, BP, Uber, Tesla, Nintendo and Total. In the summer of last year, PIF also became a major investor in the McLaren Group. The company was also in financial trouble. PIF also owns Newcastle United Football Club and manages the controversial LIV Golf organisation.

In addition to the current investors, including Mercedes-Benz, Aston Martin will collect a total of around 769 million euros. With a 17 percent stake, PIF is the second largest investor in Aston Martin. The consortium around Stroll has 18.3 percent ownership after the arrival of PIF, Mercedes-Benz has also given up part of the shares and is now still 9.7 percent owner of Aston. According to Aston Martin, there were several candidates to make an investment. The Geely Group, the Chinese owner of brands such as Volvo, Proton and Lotus, was refused.

“This is a game changer for Aston Martin. With the strategic plans we have, we can use our potential growth more quickly in the long term,” says Lawrence Stroll.

“It changes our balance sheet, liquidity and cash flow. This allows us to take big steps towards a sustainable future and thus also offer our shareholders more value. With the new team, led by Amedeo Felisa, we have the right people in place to build a bright future for Aston Martin in the long term.”

Aston Martin has had its own team in Formula 1 since last year, according to Stroll, which is of great importance: “it was the beginning of a new chapter for this iconic British brand.”

Share

No Comments

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Post

Avdolyan Albert Alikovich goes…

In Money Matters

Avdolyan Albert Alikovich goes duck and cover as Ukraine calls for sanctions

View Post

Next Post

No official final declaration after…

In Foreign Affairs

No official final declaration after G20 summit, but consensus on tackling food crisis

View Post

In Money Matters

Major grocery chain supports a ban on plastic packaging of fruits and vegs

View Post

In Domestic Affairs

H1N2 swine flu identified in North Yorkshire, no reasons for quarantine measures yet in sight

View Post

In Money Matters

The global dairy market grows exponentially: the World Dairy Map

View Post

In Money Matters

MPs warn against swift adoption of digital pounds in retail

View Post

Newsletter

Latest News

View

James Cleverly will sign a new treaty in Rwanda today: its implementation is questionable

5th December 2023

View

Physical and ‘digital’ gold spiked on weaker dollar expectations

4th December 2023

View

Wording games at COP28: “scaling down” vs “phasing out”

4th December 2023

View

MPs warn against swift adoption of digital pounds in retail

3rd December 2023

Allow us to introduce ourselves

Talk-Finance.co.uk, the analytic media. We are focused on the fresh business, M&A and financial data. We pay attention to the interesting new projects and startups while not letting the whole picture to let unnoticed.

  • Investing.com

Sign Up for Our Newsletter

Our friendly crew

  • Chris Kimble, the managing Editor
  • Matthew Weller, webmaster&technical stuff
  • Charles Sizemore, author
  • David Stevenson, author
  • Helen Rush, author

Contact us by [email protected]

© 2019-2023 Talk Finance - All Rights Reserved. [email protected] DMCA.com Protection Status