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Saudi Arabia's PIF takes stake in Aston Martin
Saudi Arabia's sovereign wealth fund PIF has taken a stake in Aston Martin Lagonda, a timely influx of cash that will help the troubled luxury car maker pay down outstanding debt. Aston Martin Lagonda executive chairman Lawrence Stroll likely initiated the deal by leveraging his relationship with Aston Martin F1 title sponsor Aramco which is owned by Saudi Arabia's Public Investment Fund. PIF's investment - divided between a participation in a £575m rights issue and a direct £78m purchase of shares - will leave the fund as the second largest shareholder of AML after Yew Tree, the consortium of investors led by Stroll. Along with PIF, Yew Tree and Mercedes-Benz will also take part in the...
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