Aston Martin to raise over $589 via Saudi fund, rights issue, report says

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Jessica Thompson

Jessica Thompson, a 35-year-old automotive enthusiast and mother of two, co-founded CarGirls.ca to empower and educate women about the automotive world. Jess's passion for cars started in her father's garage, learning the mechanics of automotive repair. With a degree in Mechanical Engineering, Jess has extensive expertise in automotive design and technology. She enjoys attending car shows, racing her custom-built Mustang, and teaching her kids about car maintenance. Jess is dedicated to inspiring and supporting women in their automotive journeys.

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Aston Martin is closing in on a deal to raise over 500 million pounds ($589 million) by bringing in Saudi Arabia’s sovereign wealth fund as a major shareholder and launching a rights issue for investors, the Financial Times reported.

The proposal will result in Saudi’s Public Investment Fund (PIF) investing up to 200 million pounds for a near 20 percent shareholding and a seat on the British luxury carmaker’s board, the newspaper said, citing two people.

The planned financing also involves a rights issue of at least 300 million pounds, and could be considerably higher, the paper reported  on Thursday.

Last month, Financial Times reported that PIF, which owns stakes in electric carmaker Lucid and British supercar group McLaren, was in early talks with Aston Martin about taking a stake in the business. Read full story

Aston Martin declined to comment, while PIF did not immediately respond to Reuters request for comment outside regular business hours.