Aston Martin was sold to Canadian billionaire

Aston Martin was sold to Canadian billionaire

February 1, 2020 0 By autotimesnews

The British company decided on a new owner, which became Lawrence Stroll.

Recall that in recent years, the British brand did not go very well. Great hopes of the brand were assigned to the DBX crossover, which was introduced in Moscow just yesterday. In this regard, the automaker began to look for sponsors.

Potential Aston Martin candidates include Chinese concern Geely and Canadian billionaire Lawrence Scroll. A little later, Chinese car tycoon Li Shufu from Zhejiang Geely Holding Group lowered interest in concluding a deal with Aston Martin. This is reported by Automotive News, citing its sources.

And recently it became known that Stonn became a co-owner of the Aston Martin brand, having bought about 16.7% of the share of the automaker. The Yew Tree Overseas Limited consortium, which, in addition to Mr. Stroll, included JCB CEO Anthony Banford, former Power Corp Canada CEO Andrew Desmarais and Hong Kong investor Star Chow, has already spent £ 182 million to buy shares and is still investing £ 318 million.

Mr. Stroll will join Aston Martin Lagonda’s board of directors as executive chairman, and the consortium will also have the right to appoint a second board member. The new partnership also provides for the termination of Aston Martin’s participation in Formula 1 with the Red Bull team – under the name Aston Martin from 2021 the Racing Point team, owned by Mr. Stroll, will act. Also, the British automaker until 2025 will postpone the launch of the Lagonda brand and the start of production of electric vehicles.