The Ford Motor Co. announced on March 12 that it will sell its Aston Martin division to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Co.
"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," said Alan Mulally, Ford's CEO. "From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship."
The transaction values Aston Martin at $925 million. As part of the transaction, Ford will retain $77 million investment in Aston Martin. The sale is expected to close in the second quarter.
The new owner of Aston Martin is a consortium comprised of: David Richards, founder and chairman of Prodrive, a motorsport and automotive technology company; John Sinders, a backer of Aston Martin Racing; and Investment Dar and Adeem Investment Co, international investment companies headquartered in Kuwait.