James Bond’s carmaker rescued
A Canadian billionaire has engineered a plan to rescue Aston Martin that includes slapping the name of the iconic but struggling automaker on his Formula One racing team.
Former fashion tycoon Lawrence Stroll is leading a consortium that will pay 162 million British pounds, or about $213 million, for a 16.7 percent stake in the company behind James Bond’s favorite luxury sports car, Aston Martin said Friday.
Stroll will also rename his Racing Point Formula One squad after Aston Martin starting in the 2021 racing season as part of a rescue package that aims to raise 500 million pounds — or $659 million — for the company as it grapples with weak sales. He will also become executive chairman of Aston Martin’s board once the deal is complete, according to the company.
“I, and my partners, firmly believe that Aston Martin is one of the great global luxury car brands,” Stroll said in a statement.
The other 318 million pounds of the fundraising effort will come from a rights issue, in which existing investors will be able to buy new shares at a discounted price at a certain date in the future.
Aston Martin CEO Andy Palmer said the company will benefit from Stroll’s experience in luxury brands and the automotive industry. Stroll — who has a collection of Ferraris and owns the Quebec Ferrari dealership — is known for building up Tommy Hilfiger and leading the initial public offering for Michael Kors.