Aston Martin’s Savior Announces Another Huge Investment

It’s been a difficult time for Aston Martin and just when things were beginning to look up, the coronavirus pandemic struck. As a brief recap, last January Canadian billionaire Lawrence Stroll’s investment fund agreed to buy a 16.7 percent stake in the UK automaker for $240 million. An additional $417 million new rights issue brings the total investment to $657 million. Although this provided Aston Martin a much-needed financial lifeline, the deal also made Stroll the firm’s executive chairman and almost immediately he made changes. The major push into electric vehicles was put on hold while its entry into Formula 1 was announced. Not exactly terrible news, but the coronavirus pandemic has now forced the company to seek Stroll’s financial help yet again.The consortium led by Stroll will increase its share in Aston Martin to about 25 percent following its share price taking a nosedive in recent days. “In light of recent extraordinary equity market volatility related to concerns over COVID-19, the company has renegotiated certain terms relating to the proposed investment,” the company stated.
Source: carbuzz.com