Lawrence Stroll will increase his shareholding in the Aston Martin Formula 1 team.
Stroll is planning to raise its shares by £52.5 million, City AM reports.
His Etree Consortium is also looking to acquire 75 million shares of the company at a 7% premium, the report said.
A statement from Aston Martin F1 to media including Crash.Net confirmed:
“We currently have a long-term contract in place to ensure that Aston Martin’s name remains at the pinnacle of motorsport for decades to come.
“The proposed transaction in which Aston Martin Lagonda (AMF1) sells shares in Aston Martin Aramco Formula One Team (AMF1) will increase the company’s balance sheet by more than £1155 million, while increasing AML’s shares by 33%.
“Stroll has asked investment bank Raine Group to help find buyers with AML’s interests to the Formula 1 team.
“Raine will work closely with AMF1 commercial chief Jeff Slack to ensure strategic investors can add long-term value to their teams and brands.”
Brololl said:
“AML has recently been recommitted to a long-term sponsorship and licensing agreement with AMF1, confirming that the legendary Aston Martin brand and its UK racing green collar will compete in Formula One for decades to come.”
City AM’s first report noted that according to the UK acquisition law, anyone who has acquired more than 30% of the company offers to buy the rest.
The walk first took over a majority of the company in 2021 and increased two years later.
He plans to turn Aston Martin into a front-running team that can win the Formula One title.
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