Italian firm buys 38 percent of Aston Martin
Aston Martin has a new partial owner.
Italy's Investindustrial has successfully completed its bid to become part owner of Aston Martin. Investindustrial was battling India's Mahindra & Mahindra for an ownership stake in the legendary British automaker.
According to Reuters, Investindustrial has agreed to pay Investment Dar, the parent company of Aston Martin, $241 million in exchange for a 37.5 percent stake in the sports car maker.
With Investindustrial's investment secure, Aston Martin plans to spend $1 billion on new products and technology. Aston Martin has struggled to find its footing as an independent automaker, lacking the resources to compete with marques like Bentley and Ferrari, both of which are backed by larger automakers.
However, some analysts are skeptical of Aston Martin's long-term potential, despite the new investment.
"It doesn't look like a long-term solution," Bernstein analyst Max Warburton told Reuters.
"This deal doesn't sort scale, access to technology, emissions or entry to new segments."
So far this year Aston Martin's global sales have dipped 19 percent to 2,340 units.