The Strategist

Saudi investment fund PIF becomes the second largest shareholder of Aston Martin

07/18/2022 - 09:53

Aston Martin, a British premium sports car maker, has agreed to raise £650 million from Saudi Arabia's Public Investment Fund (PIF).

Andy via flickr
Andy via flickr
With the acquisition, PIF will have a 16.7% stake in Aston Martin, making it the carmaker's second-largest shareholder behind Lawrence Stroll, a Canadian business magnate whose private equity group, Yew Tree Consortium, holds an 18.7% in the holding.

Aston Martin has been struggling financially since its IPO in 2018. The carmaker's shares, which are traded in London, have decreased by close to 70% this year.

The growth of the company will be supported and accelerated by any finance option studied and used, according to Aston Martin spokesperson in response to questions from media. The carmaker also reaffirmed validity of the formerly released annual financial estimates.