Stuttgart,Germany/London,Great Britain, 25th July 2013
Mercedes-AMG GmbH and Aston Martin Lagonda Ltd. to enter technical partnership
Supply agreements for engines and Electric/Electronic (E/E) components planned
Daimler to receive up to 5% equity in Aston Martin
Ola Källenius, Head of Mercedes-AMG GmbH: “We are proud to work with Aston Martin and provide them with powertrain and e/e components for their forthcoming sports cars.”
Aston Martin Product Development Director Ian Minards: “We have selected AMG specifically as the basis for this powertrain development process.”
Mercedes-AMG GmbH, a 100% subsidiary and the high performance brand of Daimler AG, and Aston Martin Lagonda Ltd. intend to enter a technical partnership. A corresponding Letter of Intent has been signed today. Essential elements of the planned partnership are supply agreements between Mercedes-AMG, Mercedes-Benz Cars and Aston Martin. Mercedes-AMG will supply Aston Martin with engines, while Mercedes-Benz Cars will provide the British luxury sports car manufacturer with e/e (electric/electronic) components for Aston Martin’s future models.
In addition to those agreements, Daimler will receive up to 5% equity in Aston Martin without cash consideration in several steps following the progress of the technical partnership. At the same time, the company will receive an observer status in the Board of Management of Aston Martin. Based on the Letter of Intent, both parties have the intention to work towards signing of definitive agreements during the second half of the year. The overall transaction is subject to the conclusion on definitive agreement and applicable regulatory approvals, if required.
Ola Källenius, Head of Mercedes-AMG GmbH: “We are proud to work with Aston Martin and provide them with powertrain and e/e components for their forthcoming sports cars. This is proof of AMG’s technological and performance expertise and a real win-win situation for both sides.”
Aston Martin Product Development Director Ian Minards said: “We have selected AMG specifically as the basis for this powertrain development process. Aston Martin sources cutting edge technology from key suppliers around the globe and the opportunity to include content from Mercedes-AMG GmbH in our next generation sports cars is, clearly, good news.”
Not the least due to competitive reasons, both parties agreed on non-disclosure of further details of the planned partnership for the time being.