Ford sells Aston Martin
Deal valued at $925 million; Ford keeps share valued at $77 million
Dale Jewett | Automotive News / March 12, 2007 - 8:13 am
Ford Motor Co. today said it is selling Aston Martin to an investment group headed by race-shop owner David Richards. Ford had put the luxury automaker up for sale last fall to raise cash to fund its restructuring.
Ford said the total value of the deal is $925 million, or 479 million pounds. But Ford said it is keeping a share of Aston Martin, valued at $77 million, or 40 million pounds.
The deal is expected to close in the second quarter of this year.
Richards is chairman of Prodrive, a motor sport company that fields Aston Martin cars in racing; John Sinders, an Aston Martin collector and a backer of Aston Martin Racing; and Kuwait-based investment companies Investment Dar and Adeem Investment Co.
This is Ford Motor Co.'s press release announcing the sale of Aston Martin
DEARBORN, Mich., March, 12, 2007 - Ford Motor Company [NYSE: F] announced today it has entered into a definitive agreement to sell Aston Martin, its prestigious sports car business, to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Co. This transaction is the result of Ford's decision, as announced in August 2006, to explore strategic options for the Aston Martin business as the company restructures its core automotive operations and builds liquidity.
The sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals. The transaction values Aston Martin at
Deal valued at $925 million; Ford keeps share valued at $77 million
Dale Jewett | Automotive News / March 12, 2007 - 8:13 am
Ford Motor Co. today said it is selling Aston Martin to an investment group headed by race-shop owner David Richards. Ford had put the luxury automaker up for sale last fall to raise cash to fund its restructuring.
Ford said the total value of the deal is $925 million, or 479 million pounds. But Ford said it is keeping a share of Aston Martin, valued at $77 million, or 40 million pounds.
The deal is expected to close in the second quarter of this year.
Richards is chairman of Prodrive, a motor sport company that fields Aston Martin cars in racing; John Sinders, an Aston Martin collector and a backer of Aston Martin Racing; and Kuwait-based investment companies Investment Dar and Adeem Investment Co.
This is Ford Motor Co.'s press release announcing the sale of Aston Martin
DEARBORN, Mich., March, 12, 2007 - Ford Motor Company [NYSE: F] announced today it has entered into a definitive agreement to sell Aston Martin, its prestigious sports car business, to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Co. This transaction is the result of Ford's decision, as announced in August 2006, to explore strategic options for the Aston Martin business as the company restructures its core automotive operations and builds liquidity.
The sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals. The transaction values Aston Martin at
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