By Anousha Sakoui
(Reuters) – The Aston Martin Formula One team said on Thursday it had agreed on an investment by U.S. private equity firm Arctos Partners in exchange for a minority shareholding.
The stake sale values the car racing group at 1 billion pounds ($1.24 billion), a person with knowledge about the matter told Reuters.
“They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects,” Aston Martin Formula One Executive Chairman Lawrence Stroll said in a statement.
The F1 team is sponsored by the eponymous British luxury carmaker in which Stroll holds the largest shareholding of over 25%.
French carmaker Renault in June sold a 24% stake valued at 200 million euros in its F1 team, Alpine Racing, to an investor group which included Hollywood actors Ryan Reynolds and Rob McElhenney.
($1 = 0.8056 pounds)
(This story has been corrected to say that the stake sale values Aston Martin Formula One at 1 billion pounds, and to remove an incorrect reference to Lawrence Stroll selling his stake in the team for 1 billion euros, in paragraph 2)
(Reporting by Prerna Bedi in Bengaluru; Editing by Maju Samuel)