Breaking: GeelyAutoGlobal has acquired a 7.6% stake in astonmartin, completing a £645m funding round
Lawrence Stroll, Executive Chairman commented:"I am delighted that we have successfully completed this transformational capital raise which significantly strengthens our financial position and enhances our pathway to becoming sustainably free cash flow positive. Along with Amedeo [Felisa, CEO] and the leadership team, we are fully focused on unlocking the significant shareholder value creation potential of this ultra-luxury British performance brand.
"I would like to thank our existing shareholders for their continued support in reaching this important milestone. The Yew Tree Consortium's shareholding now stands at 19% following its full participation in the rights issue and additional investment through the capital raise. I would also like to thank Mercedes-Benz for their investment and the strong long-term partnership we have created.
In addition, I would like to thank The Public Investment Fund, one of the leading global investment funds, which has become a new anchor shareholder with a 18.7% stake in the Company. Finally, I would like to welcome Geely Holding, who have today announced that they have become a shareholder." Geely CEO Daniel Donghui Li said:"“We are delighted to announce our investment in Aston Martin and believe that with our well-established track record and technology offerings, Geely Holding can contribute to Aston Martin’s future success. We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability.
It has yet to be revealed whether Geely's involvement in Aston Martin could extend beyond financial backing. Aston will launch its first electric car in 2025, but has not yet confirmed whether Mercedes will supply the basic architecture that underpins it, as it does with powertrains and infotainment for the firm's current combustion models. Though the two firms do have an agreement in place for the supply of electric drivetrains.
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