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, terms of which were not disclosed, values the 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 F1 Executive Chairman Lawrence Stroll said in a statement.
The Formula One team did not provide any further details about the deal.
The deal, which is expected to close by the end of this year, will give Arctos ownership of a minority shareholding in AMR Holdings GP Ltd, the holding company of Aston Martin F1.
The Formula One team is sponsored by the eponymous British luxury carmaker in which Stroll holds the largest shareholding of more than 25%.
Bloomberg News earlier reported Stroll has sold shares in the racing team giving it the 1 billion pounds valuation.
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)
(Reporting by Prerna Bedi in Bengaluru; Editing by Maju Samuel and Shounak Dasgupta)