Aston Martin F1 team gets investment from U.S. private equity firm

The Aston Martin Formula One team said 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 ultraluxury 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, expected to close by the end of this year, will give Arctos ownership of a minority shareholding in AMR Holdings GP, Aston Martin F1's holding company.

The Formula One team is sponsored by the eponymous British luxury automaker in which Stroll holds the largest shareholding of more than 25 percent.

Renault in June sold a 24 percent 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.