19th Jul 2019 09:04
(Alliance News) - A major shareholder of Aston Martin Lagonda Global Holdings PLC is to increase its stake at a cost of GBP68 million, the investor said Friday.
Strategic European Investment Group Sarl was set up last December, and is a subsidiary of Investindustrial VI LP, a fund managed by Investindustrial Advisors Ltd.
Investindustrial Advisors also manages Prestige Motor Holdings SA and Preferred Prestige Motor Holdings SA, which combined own 31% of Aston Martin, a member of the FTSE 250.
Strategic European is to buy 6.8 million Aston Martin shares at GBP10.00 each, for approximately GBP68.4 million. This will take the combined stake of Investindustrial Advisors' funds to 34%.
Aston Martin shares were 3.1% higher on Friday morning at 992.85 pence each, just over half its initial public offering price last October of 1,900p.
This comes after Strategic European at the start of July said it was mulling buying a 3% stake.
Related Shares:
Aston Martin Lagonda