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A consortium that includes Quebec billionaires Lawrence Stroll and Andre Desmarais is taking a significant stake in British car manufacturer Aston Martin — a move expected to have repercussions in the Formula One world.
Under an agreement announced Friday, the group led by Stroll will inject $316 million to acquire a 16.7 per cent stake — which could climb to 20 per cent — in the struggling company as part its plan to raise up to $1.7 billion.
The remaining funds are expected to be raised from current shareholders of the company headquartered in Gaydon, U.K.
Stroll, who built his fortune through investments in such brands as Pierre Cardin, Ralph Lauren and Tommy Hilfiger, will become executive chairman of Aston Martin, founded in 1913 and famous for its luxury cars that figure prominently in the James Bond films.
With the investment, the Racing Point F1 team acquired by Stroll’s group in the summer of 2018, will adopt the name Aston Martin beginning in the 2021 season.
Aston Martin, traded on the London Stock Exchange since the end of 2018, is trying to regain momentum after posting disappointing results, and news of Stroll’s arrival was met with a 19 per cent jump in the share price.
This report by The Canadian Press was first published Jan. 31, 2020.
The Canadian Press