UK's Aston Martin to raise over 500 million pounds via Saudi fund, rights issue - FT
Reuters
Published Jul 14, 2022 18:44
Updated Jul 14, 2022 19:35
(Reuters) - Aston Martin is closing in on a deal to raise over 500 million pounds ($589.30 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 on Thursday.
The proposal will result in Saudi's Public Investment Fund (PIF) investing up to 200 million pounds for a near 20% 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 report said.
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.
Aston Martin declined to comment, while PIF did not immediately respond to Reuters request for comment outside regular business hours.
($1 = 0.8485 pounds)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.