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China’s Geely buys 7.6% stake in Aston Martin

Zhejiang China Automobile Co., Ltd Geely Holding Group said on Friday it had bought a 7.6% stake in the British luxury carmaker Aston Martinbut did not disclose the transaction value.

Based on the closing price of Aston Martin shares on September 28, the shares are valued at £7.55 billion ($8.39 billion).

According to Refinitiv Eikon, it has been acquired by Li Shufu, founder and chairman of Zhejiang Geely, Aston Martin said in a regulatory filing, making the Chinese company one of its top shareholders. British car, according to Refinitiv Eikon.

Daniel Donghui Li, CEO of Zhejiang Geely said: “We look forward to exploring potential opportunities to join and partner with Aston Martin as it continues to execute on its strategy to achieve sustainable growth. , long-term and increasing profits”.

Aston Martin also separately announced the completion of a £654 million funding round.

(1 dollar = 0.8994 pounds)

(Reporting by Jaskiran Singh in Bengaluru; Editing by Anil D’Silva and Arun Koyyur)

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