On Thursday, the Aston Martin Formula One team announced that it had reached an agreement with the private equity firm Arctos Partners of the United States to accept an investment from the company in exchange for a minority interest.
According to a source familiar with the situation who spoke to Reuters, the valuation of the auto racing firm following the share sale was one billion pounds ($1.24 billion).
“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 on the new owners.
The eponymous British luxury automobile manufacturer, in which Stroll maintains the largest interest of more than 25%, is the sponsor of the Formula One racing team.
In June, the French automobile manufacturer Renault (RENA.PA) sold a 24 percent share in its Formula One team, Alpine Racing, to an investment group that included Hollywood stars Ryan Reynolds and Rob McElhenney. The stake was valued at 200 million euros.