Public Investments in Saudi Arabia acquires 20% of the British Aston Martin

The Financial Times reported Thursday that Aston Martin is close to completing a deal to raise more than 500 million pounds ($589.30 million) by bringing in the Saudi sovereign wealth fund as a major shareholder and launching a rights issue to investors.

The newspaper quoted two sources as saying that the proposal would result in the Saudi Public Investment Fund investing up to 200 million pounds in return for a stake of close to 20% and a seat on the board of directors of the British luxury car manufacturer.

The report said that the planned funding also includes a rights issue of at least 300 million pounds, and could be much higher.

Last month, the Financial Times reported that the Public Investment Fund, which owns stakes in electric car maker Lucid, and British car group McLaren, was at an early stage in talks with Aston Martin to take a stake in it.

Aston Martin and the Public Investment Fund did not immediately respond to Archyde.com requests for comment.