Aston Martin to raise $772M; Saudi Arabia to become major investor

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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 said on Friday it was looking to raise 653 million pounds ($772 million) through a right issue to shareholders, while bringing in Saudi Arabia’s sovereign wealth fund as its second-largest shareholder.

The luxury automaker said Saudi Arabia’s Public Investment Fund (PIF), Yew Tree Consortium and Mercedes-Benz will together invest 335 million pounds. The financing will involve a separate rights issue of 575 million pounds

PIF will own 16.7 percent stake in Aston Martin, behind the 18.3 percent holding by Chairman Lawrence Stroll’s Yew Tree. Mercedes, which owns about a 11.7 percent stake, will cut its stake to about 9.7 percent with the announcement.

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