Just yesterday, we were telling you about the rumors surrounding former Ducati owner Investindustrial’s interest in Aston Martin.
On Friday, the wedding became official with the Italian private equity fund Investindustrial signing a deal to acquire a 37.5 percent stake in Aston Martin from the brand’s major shareholder, Kuwaiti-based Investment Dar, which had a 64 percent share in the carmaker.
The move comes as a surprise as up until recently, it was believed that India’s Mahindra & Mahindra would be the one to complete the deal.
Investindustrial, which recently sold Ducati to Audi for €860 million (US$1.1 billion), said it is investing £150m (€186m / US$240m) in Aston Martin in the form of a capital increase for a 37.5 per cent stake in the automaker.
Aston Martin has been having troubles lately as the British company saw its sales drop by close to 20 percent in the first nine months of the year through September to 2,340 cars.
Remarks:
Aston Martin Chairman David Richards said: “I am delighted that Investindustrial has decided to become a major investor in Aston Martin. With the support of The Investment Dar, we have made substantial progress over the past five years in laying the foundations for success as one of the world’s leading luxury sports car manufacturers. Investindustrial’s new investment reflects and sustains the unique position of Aston Martin within the industry. With this partnership and the continued commitment of The Investment Dar, we look forward to working with our shareholders as we realise our vision and exciting future plans.”
Andrea C. Bonomi, Senior Principal at Investindustrial, comments: “We are delighted to form part of this iconic global, but quintessentially British brand. We are looking forward to working with the management and Investment Dar to achieve a similar transformation and rejuvenation that we achieved with Ducati, by expanding the model range and strengthening the dealership network, throughout the world.”
Adnan Al-Musallam Chairman & Managing Director of The Investment Dar said: “We welcome Investindustrial as new partners in our collaboration with Aston Martin. With our continued commitment and the support of Investindustrial, Aston Martin is in a strong position to pursue its plans for development.”
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