Saudi Arabia has displaced Mercedes-Benz to become the second largest shareholder in Aston Martin.
Aston Martin has turned to equity funding to help pay down debts as well as fuel investment in future product, and in the process has gained Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund, as a key shareholder—the second largest shareholder, in fact, after Yew Tree, the consortium led by fashion mogul Lawrence Stroll, father of Aston Martin Formula 1 driver Lance Stroll.
Under the deal announced on Friday, Aston Martin plans to raise 653 million British pounds via an initial investment of 78 million British pounds from Saudi Arabia and the rest via a separate rights issue. At the conclusion of the deal, Saudi Arabia will own 16.7% of Aston Martin, behind the 18.3% of Yew Tree and ahead of the 9.7% of Mercedes-Benz. Saudi Arabia will also gain two seats on Aston Martin's board.
Saudi Arabia in recent years has been increasing its investments in the automotive space as it looks to reduce its dependency on oil exports. The country has major stakes in niche brands
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