Zhejiang Geely Holding Group mentioned it had taken a 7.6 p.c stake in Aston Martin.
The acquisition is one other transfer by Li Shufu, Geely’s billionaire proprietor, to increase his car empire. Geely additionally owns Volvo and Lotus Vehicles and has a stake in Daimler.
“We stay up for exploring potential alternatives to have interaction and collaborate with Aston Martin because it continues to execute its technique to realize long run, sustainable progress and elevated profitability,” Geely Group CEO Donghui Li mentioned in an announcement on Friday.
Geely didn’t present a transaction worth. Based mostly on Aston Martin’s closing share value on Sept. 28, the stake is valued at 7.55 billion kilos ($8.39 billion).
Aston Martin additionally mentioned on Friday it had accomplished a 654 million pound capital elevate to assist decrease its debt and spend money on new fashions.
Geely has beforehand proven curiosity in shopping for a stake in Aston Martin however talks with the automaker had been unsuccessful.
Earlier studies have mentioned Geely is curious about know-how sharing with Lotus.
Reuters contributed to this report