Zhejiang Geely buys 7.6% stake in Aston Martin

Zhejiang Geely Holding Group said on Friday it purchased a 7.6% stake in British luxury automaker Aston Martin.

The deal value was not revealed.

The stake is valued at 7.55 billion pounds ($8.39 billion).

It was purchased by Li Shufu, founder and chairman of Zhejiang Geely, Aston Martin said in a regulatory filing.

Geely Holding has become one of the top shareholders in Aston Martin now.

“We look forward to exploring potential opportunities to engage and work with Aston Martin as it continues to execute its strategy to achieve long-term, sustainable growth and increased profitability,” said Daniel Donghui Li, Zhejiang Geely’s chief executive officer.

Aston Martin also separately announced the completion of a 654 million pounds ($728 million) capital raise.