Daimler to get 5% in Aston Martin, to give engines
Following the signing of a Letter of Intent in July this year, the two companies have continued to work together, exploring opportunities for co-operation and these discussions have resulted in the signing of definitive agreements.
The technical partnership will allow Mercedes-AMG and Aston Martin to develop bespoke V8 engines supporting Aston Martin's launch of a next generation of models that will incorporate cutting edge technology and newly-developed engines, combining high performance and fuel efficiency.
Daimler will receive up to five percent non-voting shares in Aston Martin without cash consideration in several steps following the progress of the technical partnership. At the same time, the company will receive an observer status on the Aston Martin Holdings board. Daimler joins Aston Martin's existing shareholder body that includes Prime Wagon, Adeem Investment and Investindustrial.
The parties are working to conclude the terms of an additional cooperation for the supply of electric/electronic (e/e) components. Furthermore, the two groups will investigate additional areas of cooperation in the future. Aston Martin will continue to manufacture all of its sports cars at its Gaydon headquarters in Warwickshire, England. ■