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| Signatures and smiles: chairman of Investment Dar, Adnan Al Musallam (l), and the chairman of Ford Europe, Lewis Booth |
New investors, which include the Kuwaiti companies Investment Dar and its sister company, Adeem Investment, are demanding fully Shariah-compliant funding for their 78% stake, making this one of the first UK-based assets to be financed in such a way. The sale, which marks the end of a 20-year history under Ford Motor Company, valued Aston Martin at £479 million ($1.2 billion). Jefferies investment bank was the exclusive financial adviser for the acquisition and German bank WestLB was appointed to arrange £225 million of Shariah-compliant syndicated debt. Of this loan, £200 million is a long-term loan for the acquisition, and a further £25 million has been offered as stand-by liquidity. The final £279 million will be paid as equity by the investors, which includes the £40 million stake that Ford retains. The deal aims to close by May 1.
Investment Dar is putting up £139.5 million, that is 50% of the equity, from internal resources. "Aston Martin complements our investment vision.