Aston Martin was sold to a canadian billionaire

Aston Martin was sold to a canadian billionaire

Package at 16.7% of the shares of the British company was acquired for 182 million pounds. Already announced that a team Racing Point of 2021 will be renamed Aston Martin.

On Friday morning, the canadian billionaire owner of a team Racing Point and the father of racer lance Stroll conducted on the London stock exchange operation the share repurchase.

In addition, the deal envisages investment in Aston Martin 318 million pounds, which increases the total amount that will be received by the company, to 500 million.

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It is already declared intention Strolla senior next season to change the team name from Silverstone on Aston Martin. The agreement is concluded for a period of 10 years.

Lawrence says:

“After investing 500 million pounds I intend to participate actively in the work of the Board of Directors of the Aston Martin Lagonda to review and improve every aspect of operating and marketing activities of the company. I intend to continue to invest in the development of new models and technologies, to begin to shift the balance in favor of the priority of production over the procurement of nodes.

We are confident that Aston Martin is one of the greatest luxury automotive brands. I believe that the combination of capital and my experience in the automotive industry and the creation of successful global brands will allow us to unlock the potential of Aston Martin Lagonda”.

For the purchase of shares as claimed by Chinese carmaker Geely, which already owns brands Lotus and Volvo, as well as being a shareholder of Daimler. According to the press service of the London stock exchange, details of the arrangements Stroll with Aston Martin was agreed on Thursday evening at the meeting of the Board of Directors.

The purchase transaction is being implemented through the company Yew Tree Overseas Limited, which buys 45.6 million common stock Aston Martin Lagonda for the price of 4 pounds apiece. Also the consortium includes the President of JCB, Anthony Banford, former boss Power Corp Canada Andrew Dismore and fashion-an investor from Hong Kong Old Chu.

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The overall $ 500 million investment package provides for rapid infusion ?55.5 million from Strolla to improve the liquidity of the company. In a statement Aston Martin Lagonda is said that this step will allow “to strengthen financial positions for the immediate strengthening of liquidity after the unsatisfactory business performance at the end of 2019”.

Sergio Perez and lance Stroll will be Racing for a Point in the season 2020. The team will continue to use Mercedes power units.

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