Private equity firm Investindustrial on Aug. 27 received acceptances from shareholders to buy a 4.84% stake in Aston Martin Lagonda Global Holdings PLC, the U.K.-based carmaker it listed on the London Stock Exchange in October 2018.
The firm's Strategic European Investment Group SARL subsidiary will buy a total of 11,046,629 shares, according to the Aug. 28 announcement. It includes the previously announced acceptances for about 3% of Aston Martin stock. The company said it will pay £10.00 per share.
Aston Martin was owned by Investindustrial prior to its October 2018 IPO. The private equity house currently holds a 30.97% stake in the company, according to S&P Global Market Intelligence data.
However, the automaker has had a troubled start to its latest spell on the public markets. Aston Martin shares fell 23% in early trading on July 24 after the company issued a profit warning amid weakness in the global auto market.
The stock currently trades at 459 pence, a stark decline from its IPO price of 1,900 pence.
