Canadian Lawrence Stroll to Acquire 20% Stake in Ailing Aston Martin

Canadian billionaire Lawrence Stroll will be acquiring 20% stake of luxury sports car maker Aston Martin Lagonda Global Holdings PLC (AML) in a deal worth 200 million pounds ($263 million) the Britain based company announced on Friday.

Aston Martin went public 10 months ago however since hitting the IPO the stock has declined by 75% making it the worst performing stock in London’s main market in the past 2 years.

Aston Martin’s CEO, Andy Palmer believes Stroll will bring numerous benefits to the company among them his vast experience in motor industry.

“He brings with him his experiences and access to his Formula 1 team. We’ve talked a lot in the past few years about wanting to be clearly rooted in luxury and obviously Mr Stroll knows an awful lot about luxury,” said Palmer.

For years Stroll has been involved in Formula One and motor racing additionally he owns Mont Tremblant circuit in Quebec.

After the deal is closed Stroll will be joining Aston Martin’s board as executive chairman assuming the position currently held by Penny Hughes who will step down.

Also following this deal, Stroll’s owned Racing Point will be renamed Aston Martin F1 team starting 2021 season.

“Aston Martin Lagonda makes some of the world’s most iconic luxury cars, designed and built by very talented people. Our investment announced today underpins the Company’s financial security and ensures it will be operating from a position of financial strength,” said Stroll.

Just like CEO Palmer, Stroll also believes his vast experience in the motor industry will propel Aston Martin to the next stage.

“I, and my partners, firmly believe that Aston Martin is one of the great global luxury car brands. I believe that this combination of capital and my experience of both the motor industry and building highly successful global brands will mean that, over time, we fulfill Aston Martin Lagonda’s potential,” added Stroll.