Troubled Aston Martin finds Italian buyer
If you’re wondering why every Aston Martin is simply a rehash of a decade-old design with a new name, it’s because they’re probably poorer than you are. Investment Dar, the troubled Kuwaiti financial firm that owns a majority stake in the ailing carmaker, is apparently seeking to restructure its debt load, part of which will be by selling off shares in Aston Martin, and they’ve now found a buyer.
Italian private-equity firm Investindustrial has purchased a minority 37.5% stake in Aston Martin for US$ 241 million, while a majority stake is still held by Kuwait’s Investment Dar. Aston Martin says this deal will allow them to dump US$ 1 billion into new product development till 2018 or until the Italians get tired of losing money, whichever comes first.
The Italian firm beat out Indian carmaker Mahindra & Mahindra, although it is said the deal is not completely done yet.
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