Italian private equity fund Investindustrial has bought 37.5% of Aston Martin via a capital increase agreed with the majority Kuwaiti owner, Investment Dar, pending clearance from competition bodies, expected Q1 2013.
Investindustrial, which sold Ducati to Volkswagen’s Audi division for about 860m (£693m) last April, had faced competition from Indian manufacturer Mahindra and Mahindra, 70% owners of South Korean brand SsangYong.
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Aston Martin will now invest $1bn (£622m) in new products and technology to help compete with Jaguar Land Rover, owned by Tata Motors, in the prestige market and expand its presence in China.
It has been a busy year for the UK high-end vehicle market with the entrance of Investec Asset Finance, the pull out of ING Lease, merger of Bridford Financial Solutions into DSG Prestige, and Investec’s tie-in with luxury car manufacturer McLaren as it seeks to double its UK asset finance book.
Both David Richard, chairman of Aston Martin, and Andrea C. Bonomi, senior principle at Investindustrial, said they were "delighted" with the deal, whilst chairman and managing director of Investment Dar, Adnan Al-Musallam, said "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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