Filed under: Aston Martin, Ford, Earnings/Financials
Ford says final price for Aston Martin was actually $931 million
Automotive News just reported that Ford received a total of $931 million for Aston Martin when it sold the British premium GT maker earlier this year. We had previously put the purchase price at $870 million after reducing it from the initial rumor of $965 million. Confused yet? Good, so are we. Basically all we need to know at this point is that Ford received $931 million for Aston Martin, in the form of cash and preferred stock in Primrose Cove Ltd. Primrose Cove is the name of the holding company that purchased Aston for its group of investors. Among those investors are Kuwait investment firms Investment Dar and Adeem Investment Co., as well as Prodrive's David Richards, and banker and Aston racer, John Sinders. The sale price amounted to a pretax gain of $187 million for Ford, and pretty much matched their March 12 statement that the company would be getting $848 million plus keep a $77 million stake in the company. Can you tell it's a slow news day?
[Source: Automotive News, sub. req.]
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Reader Comments (Page 1 of 1)
paul34 4:58PM (8/08/2007)
Fascinating.
Thanks for the update. I wasn't able to sleep at all last night since I kept wondering what AM actually sold for. I look forward to a wondrous night of rest tonight.
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Max Merak 7:17PM (8/08/2007)
Hopefully it has a future.
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Bryan 9:31PM (8/08/2007)
It had a future with Ford. No reason it will not now. I really don't see why they sold it. It's kinda sad but I know one day when I am 70 I can look back and tell the young people I was alive when Ford owned Aston, Jaguar, LR, Volvo, and part of Mazda. I always wonder what things will be like in just 10 years from now, much less 42! Anyways, at least they got a good chunk of money from it.
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gtveloce 9:15PM (8/25/2007)
They sold it because they needed the money? Ford may also have strayed too far from what we may call 'core competence'. It's basically a stretch for a company like Ford to effective manage so many disparate brands...