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Ford sells Aston
Martin to a consortium of David Richards and John Sinders
Ford Motor Company announced 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.
Sean Connery as James Bond and his
DB5
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 £479 million ($925 million).
As part of the transaction, Ford will retain a £40 million ($77
million) investment in Aston Martin. Other terms and conditions
specific to the sale are not being disclosed at this time.
"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
President and chief executive officer. "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.
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