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.
Owner Lawrence Stroll has sold his stake in the team for 1 billion euros ($1.09 billion) to Arctos, 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,” Executive Chairman 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 = 0.9213 euros)
(Reporting by Prerna Bedi in Bengaluru; Editing by Maju Samuel)
