Chairman Lawrence Stroll of Aston Martin has invited Saudi Arabia to take part in a “game-changing event”.
Aston Martin has new investment from Saudi Arabia’s sovereign wealth fund.
Aston Martin has faced financial pressures over the past year; It was hit hard by falling debt and share prices.
The company has now announced plans for a new “equity financing and strategic investment” from Saudi Arabia’s Public Investment Fund.
Lawrence Stroll “game-changing event”
PIF, the owner of Aston Martin Formula 1 team sponsor Aramco, has diverse international interests including.
Boeing, Disney CitiCorp Facebook BP Marriott, Uber Tesla It has stakes in names like Nintendo and Total.
PIF has become a major investor in McLaren Group as part of the refinancing of the Woking-based organization from July 2021.
PIF also owns the Newcastle United football club as well as the LIV golf club.
It plans to raise Aston Martin with additional funding of 653 million from existing investors .
leaving the PIF as the second largest shareholder with a 17% stake.
CEO Stroll will own 18.3% of the Yew Tree consortium . While Mercedes-Benz will both reduce their ownership and retain 9.7%.
Volvo Aston Martin has confirmed that it has rejected an investment proposal from a consortium . Including China’s Geely Group, which owns brands such as Proton and Lotus.
It made it clear that the Saudi investment was a major coup for the company.
Stroll say “That is a game-changing event for Aston Martin . Supporting our strategic plans and accelerating our long-term growth,” .
“That it our transforms balance sheet, liquidity and cash flow profile and puts us on a clearer path .
to becoming sustainable free cash flow positive and creating significant shareholder value,” he said.
And ” With the new leadership team led by Amedeo Felisa,
we have the right team and the right strategy to fully realize Aston Martin’s long-term potential.”
He also emphasized the F1 team’s role in promoting the marque.
“ With the Aston Martin Aramco Cognizant F1 Team, Aston Martin has reached the pinnacle . of motorsport and ushered in a new era for the iconic British brand.
” Our focus on building Aston Martin’s brand equity and unleashing potential is already meeting . Growing demand from more than 60% new customers for the brand by 2021.”