By Giulia Petroni

Aston Martin Lagonda Global Holdings said Thursday that Geely Automobile Holdings will invest around 234 million pounds ($291.9 million) to become its third-largest shareholder.

The British luxury-car maker said the Chinese auto group will acquire approximately 42 million existing ordinary shares from the Yew Tree Consortium at 335 pence a share, increasing its aggregate shareholding to around 17%.

The Yew Tree Consortium has a shareholding of around 21% in Aston Martin, while the Public Investment Fund has around 18%.

Aston Martin Lagonda will receive approximately GBP95 million in cash from the subscription of new shares. Following the transaction, Geely will have the right to appoint a nonexecutive director to the car maker's board.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 18, 2023 03:01 ET (07:01 GMT)

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