Aston Martin is closing in on a deal to lift over 500 million kilos ($589 million) by bringing in Saudi Arabia’s sovereign wealth fund as a significant shareholder and launching a rights challenge for traders, the Monetary Occasions reported.
The proposal will lead to Saudi’s Public Funding Fund (PIF) investing as much as 200 million kilos for a close to 20 % shareholding and a seat on the British luxurious carmaker’s board, the newspaper mentioned, citing two folks.
The deliberate financing additionally entails a rights challenge of at the least 300 million kilos, and might be significantly greater, the paper reported on Thursday.
Final month, Monetary Occasions reported that PIF, which owns stakes in electrical carmaker Lucid and British supercar group McLaren, was in early talks with Aston Martin about taking a stake within the enterprise. Learn full story
Aston Martin declined to remark, whereas PIF didn’t instantly reply to Reuters request for remark outdoors common enterprise hours.