Aston Martin set to sell stake to F1 billionaire in $656-million deal

The shares posted their biggest gain ever on Friday after Aston Martin announced details of the rescue package, which sees a group led by Stroll buying as much as 20 per cent of the company

Aston Martin Lagonda Global Holdings secured a £500-million ($656 million) lifeline to restore the balance sheet and help build a new sport-utility vehicle after agreeing to sell a minority stake to billionaire Lawrence Stroll.

The deal agreed late Thursday gives the UK luxury carmaker much-needed breathing space as it looks to get back in track following a turbulent start to life as a public company. Aston Martin needs funds to ease a debt burden and start building the DBX — its first-ever SUV — which Chief Executive Officer Andy Palmer is banking on to sell in higher volumes than the stylish