China's Geely to Become Third-Largest Shareholder of Aston Martin
By Giulia Petroni
Aston Martin Lagonda Global Holdings said Thursday that Geely Automobile Holdings will invest around 234 million pounds ($291.9 million) to become its third-largest shareholder.
The British luxury-car maker said the Chinese auto group will acquire approximately 42 million existing ordinary shares from the Yew Tree Consortium at 335 pence a share, increasing its aggregate shareholding to around 17%.
The Yew Tree Consortium has a shareholding of around 21% in Aston Martin, while the Public Investment Fund has around 18%.
Aston Martin Lagonda will receive approximately GBP95 million in cash from the subscription of new shares. Following the transaction, Geely will have the right to appoint a nonexecutive director to the car maker's board.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 18, 2023 03:01 ET (07:01 GMT)
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