(MENAFN) Luxury sports car maker Aston Martin, controlled by Kuwait's Investment Dar, has officially sold 37.5 percent stake to Italian private equity firm Investindustrial for USD241 million, Arabian Business reported.
The deal comes after weeks of speculations about wether the British automaker was in sale talks or who might be the potential investor.
The Italian group beat Mahindra and Mahindra in a two-way battle to invest in the British sportscar maker.
The luxury auto company also confirmed that it will now proceed with its "extensive and
exciting plans for sustainable long-term growth".
Aston Martin unveiled plans to spend over USD802 million on in its new product and technology programme over the next five years.
Aston Martin production will remain at the luxury British marque's global headquarters at Gaydon in Warwickshire, a purpose-built facility where a skilled workforce of 1,600 employees assemble the current range of sports cars.
Aston Martin was sold in 2007 by US-based Ford Motor Co for USD768 million to Kuwait's Investment Dar and another Kuwait fund, Adeem Investment Co.