Mercedes-Benz is set to increase its stake in Aston Martin to 20 percent from 2.6 percent as part of an expanded technology partnership between the two automobile manufacturers.
The increased cooperation will allow Aston Martin to gain access to advanced technologies from Mercedes, including the German manufacturer's hybrid and electric powertrains.
"This is a transformational moment for Aston Martin," said Aston Martin executive chairman Lawrence Stroll. "It is the result of six months of enormous effort to position the company for success to capture the huge and exciting opportunity ahead of us.
"I am extremely pleased with the progress to date and that we are ahead of plan on timing, despite operating in these most challenging of times.
"Today, we take another major step forward as our long-term partnership with Mercedes-Benz AG moves to another level with them becoming one of the company’s largest shareholders.
"Through this new expanded agreement, we secure access to world-class technologies to support our long-term product expansion plans, including electric and hybrid powertrains and this partnership underpins our confidence in the future."
Aston Martin CEO Tobias Moers added: "Today’s expansion of our partnership with Mercedes-Benz AG is a critical step towards achieving our goals for Aston Martin.
"The capabilities of Mercedes-Benz AG technology will be fundamental to ensure our future products remain competitive and will allow us to invest efficiently in the areas that truly differentiate our products."
The closer ties between Mercedes and Aston Martin will likely foster even closer links between Stroll's Racing Point outfit - which will race from 2021 under the Aston Martin Racing banner - and its current engine and drive train supplier, although the collaboration will need to remain within the FIA's guidelines.
As a reminder, Mercedes F1 boss, a close friend of Lawrence Stroll, privately holds a small stake in Aston Martin, while Sebastian Vettel, Aston's future driver and brand ambassador, has also invested in the luxury automaker.