said Monday that it reached a deal to sell its Aston Martin brand to a consortium of investors led by international motor-racing entrepreneur David Richards.
The long-expected transaction values the iconic brand at $925 million. As part of the agreement, Ford will retain a stake in Aston Martin worth $77 million.
Richards, the chairman of an auto racing firm called Prodrive, is backed in the deal by John Sinders, an avid Aston Martin collector, and Investment Dar and Adeem Investment Co., a Kuwait-based holding company.
Ford put Aston Martin, a luxury brand made famous in James Bond films, on the selling block six months ago. The sale of the profitable business reflects the automaker's need for cash as it struggles to revive its floundering sales in North America.
"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," said Alan Mulally, Ford's president and chief executive. "From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship."
Shares of Ford recently were up 3 cents, or 0.4%, to $7.96.