Aston Martin Lagonda Global Holdings Plc secured a 500-million-pound ($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 U.K. 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 sports cars made famous in the James Bond movies.

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% of the company. The sterling bonds also rose to their highest since July.

The Canadian investor will become executive chairman, according to a statement. Bloomberg News reported earlier that the deal had been agreed to overnight.

“This fund-raise brings down our leverage and substantially supports investment in new products,” Palmer said in an interview. The company no longer needs to draw down on a 100 million-pound, high-interest loan, he added.

Stroll, a Canadian investor who owns a Formula One racing team, won the backing of Aston Martin’s board. He edged out rival suitor Geely, which also sought to invest in the sports-car maker. Stroll’s consortium will pay 182 million pounds for a 16.7% stake, before contributing to a rights issue supported by major shareholders to raise a further 318 million pounds.

Nevertheless, the need for a cash influx sums up the disappointing turn of events since Aston Martin went public in October 2018. At the time, the company was touting a turnaround under Palmer, a former Nissan Motor Co. executive, helped by private-equity backing.

Aston Martin shares jumped 22% to 490 pence as of 9:35 a.m. Friday, the most since its October 2018 initial public offering. Still, the stock remains about 74% lower than the listing price.

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