Aston Martin Lagonda Set to Raise GBP125 Million; Signs Partnership With Mercedes-Benz
28 October 2020 - 4:36AM
Dow Jones News
By Adriano Marchese
Aston Martin Lagonda Global Holdings PLC said Tuesday that it
intends to raise 125 million pounds ($162.8 million) in a share
placing, and that it has entered into a technology agreement with
Daimler AG's Mercedes-Benz.
The British luxury car maker said it will issue 250 million new
shares--representing 13.7% of the company's existing share
capital--at a price of 50 pence a share.
The previous day's closing price in London was 52.15 pence.
Aston Martin Lagonda also said it has signed an expanded and
enhanced technology agreement with Mercedes-Benz for access to
advanced technologies in exchange for new shares.
Under the agreement, Mercedes-Benz's equity stake will be
increased up to a maximum of 20% in multiple stages. Mercedes-Benz
will also receive the right to nominate one nonexecutive director
to the board after its first shareholding increase.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 27, 2020 13:21 ET (17:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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