Aston Martin sold

[codprawn]

http://news.bbc.co.uk/1/hi/business/6442101.stm

Nice to see it's a British company. I never realised Prodrive were so big these days - over 1,000 employees and a turnover of £200million. Aston have been doing quite well lately - sold 7,000 cars last year.

Should be some interesting cars coming out soon - just hope they aren't quite as Chav as the Imprezzas!!!

[mdt]

Just think what this could mean........ Aston's with out Ford switch gear

[AndyB007]

Originally Posted by codprawn

Nice to see it's a British company!

Sorry to disappoint but the consortium that completed the purchase of Aston Martin Lagonda today is: -

- David Richards, founder and chairman of Prodrive. He will be joining the board of Aston Martin as non executive chairman in a personal capacity [Not Prodrive]

- John Sinders, a banker in finance and shipping from Houston, Texas and Dubai UAE

- Investment Dar, a Kuwaiti company, the "largest listed investment company in the Gulf with total assets of US$ 3.66 billion, with net income of US$ 317.3 million in 2006"

- Adeem Investment, another Kuwaiti company, the "fastest growing investment, corporate finance and asset management company in Kuwait with assets under management in excess of US$ 1.5 billion"

Just think what this could mean........ Aston's with out Ford switch gear

... and I understand Ford is retaining a 15% interest!!



Andy

[codprawn]

Actually Richards is in charge of the group - it is common to use various funds to finance such a deal. He is the one who put the bid together. There are probably a few good reasons why he didn't involve Prodrive - he may be selling it off to Ron Dennis!!!

Nice to see a Welshman doing well - especially after the rugby scores!!!

[AndyB007]

Updated information for those who are vaguely interested: -

The sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals. The transaction values Aston Martin at £479 million ($925 million). As part of the transaction, Ford will retain a £40 million ($77 million) investment in Aston Martin. Other terms and conditions specific to the sale are not being disclosed at this time.

With this agreement Investment Dar share will reach 50% while ADEEM and other Kuwaiti consortium will posses 28.5% beside American and British investors while Ford will keep a 9% of company shares.