(Bloomberg) -- The Aston Martin Formula One team is nearing a stake sale to two US funds, in a deal that would value it at between £1.5 billion and £2 billion, Sky News reported.
Venture capital fund Accel and private credit manager HPS Investment Partners are set to invest “hundreds of millions of pounds” into the F1 team’s holding company, Sky News said, citing people familiar with the matter. The deal would involve a stake sake of between 20% to 25%, and is expected to be announced shortly, the report said.
Canadian billionaire Lawrence Stroll sold a minority stake in the Aston Martin F1 team to US private equity firm Arctos Partners late last year that valued the team at about £1 billion. It was the first time Stroll had sold shares in the F1 team.
HPS is said to agree to refinance debt attached to Aston Martin F1’s Silverstone technology campus as part of the investment, Sky said.
The Raine Group is advising Aston Martin on the deal. A spokesman for the Aston Martin Aramco F1 team was not immediately available for comment to Sky. HPS declined to comment while Accel did not respond to a request for comment, the report said.
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