We asked our readers to stay tuned to know about the fate of Aston Martin and as we promised, here is the update, the drama has finally ended.
The Italian private equity firm which was giving Mahindra a tough fight in the run to acquire Aston Martin has finally emerged as the winner.
The firm who previously owned Ducati before selling it to Audi AG for a sum of $1.1 billion has now purchased a stake of 37.5% in the Gaydon based supercar manufacturing firm.
While Mahindra reportedly placed a higher bid than Investindustrial, the latter promised a technical partnership with AMG, Mercedes' performance car wing. However, no mention about AMG's future association with Aston Martin was made during the announcement.
The stake set Investindustrial back by £150 million pounds and the Italian firm now becomes the co-owner of the legendary auto marque along with the current owner Investment Dar. The rejigged management has committed £500 million for new product development.
Mr. David Richards, Chairman of Aston Martin said: "I am delighted that Investindustrial has decided to become a major investor in Aston Martin. With the support of Investment Dar, we have made substantial progress over the past five years in laying the foundations for success as one of the world’s leading luxury sports car manufacturers."
Andrea C. Bonomi, senior principal at Investindustrial stated that, "We are looking forward to working with the management and Investment Dar to achieve a similar transformation and rejuvenation that we achieved with Ducati, by expanding the model range and strengthening the dealership network, throughout the world."
With this the rumors and speculations revolving the Aston Martin story can be finally put to rest.
[Source - Autocar.co.uk]