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Formula 1: Aston Martin to raise $777M with help of Saudi’s Public Investment Fund 

3 years ago
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Formula 1: Aston Martin to raise $777m with help of Saudi’s Public Investment Fund 

Aston Martin has received an investment from Saudi Arabia’s sovereign wealth fund, part of a $777.5 million raise to help the car brand that returned to Formula 1 last year alleviate debt.

The luxury carmaker is raising fresh capital to revive its image as a brand — after  approaching bankruptcy — with investments in electronic tech, the development of new models, and F1. 

The deal will see the Saudis’ Public Investment Fund investing roughly $93 million, will also take part in a $687 million rights issue.and will become Aston Martin’s second-largest shareholder.

Mercedes-Benz will also contribute $67 million to the raise. 

Aston Martin will use up to half of the capital raised to pay down debt, which incurs roughly $155 million in interest a year. 

The public limited company reported an operating loss of $57 million in Q1 2022, up from a loss of $18 million for the same period a year prior. 

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Aston Martin’s F1 team — backed by billionaire Lawrence Stroll, who became the brand’s executive chairman after leading a $235.6 million investment in 2020 — is building a new manufacturing and racing facility in England slated to open by late 2023. 

Billed as F1’s first “smart” facility, the complex will cost between $207 million and $276 million.

The 400,000-square-foot campus will house Aston Martin’s entire manufacturing system.

The fundraising will represent yet another effort by Aston Martin to put itself on a stable footing after years of struggles as a FTSE 250 listed company. 

In May, Stroll appointed the former Ferrari boss Amedeo Felisa as its third chief executive in three years to try to revive its image as a maker of exclusive sportscars, favoured by James Bond in the spy film franchise..

Tags: Formula 1Formula 1: Aston Martin to raise $777M with help of Saudi's Public Investment FundSaudi Arabia’s sovereign wealth fund
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