Saudis now second-largest investor in Aston Martin as £653m raised to pay off debts
Saudi sovereign wealth fund PIF has become the second-largest shareholder in UK luxury car maker Aston Martin, sending shares up 25 per cent.
The fund, controlled by Saudi Crown Prince Mohammed bin Salman (MBS), will own a 16.7 per cent stake in the marquee.
This will be behind the 18.3 per cent owned by Canadian billionaire Lawrence Stroll’s Yew Tree consortium.
Mercedes, which until today was Aston Martin’s second largest investor, will cut its share to 9.7 per cent.
“I am delighted to welcome the Public Investment Fund as a new anchor shareholder in the company, alongside my consortium,” said Stroll.
“We have a shared vision and our joint participation in this important strategic financing demonstrates both our confidence in the prospects for the company and our commitment to the future success of Aston Martin.”
The announcement comes as the luxury car maker revealed its plans to raise £653m to pay off its debts and shoring up the business.
The Saudi investor will contribute with a £78m investment, while the additional £575m will be raised through a separate rights issue.