Ford Motor Co. has sold a majority, $848 million stake in Aston Martin, which has its U.S. headquarters in Irvine.
The British automaker made famous in James Bond movies will be run by a group of investors, including racing mogul David Richards, car collector John Sinders and Kuwaiti firms of Investment Dar and Adeem Investment Co.
Ford is keeping a $77 million stake in the company. The deal values Aston Martin at $925 million, down from earlier projections of $1.2 billion.
Ford said in August that it was putting Aston Martin up for sale.
Aston Martin is part of Irvine’s Premier Automotive Group, which also includes Jaguar, Land Rover and Volvo. The Irvine operation reports to the worldwide headquarters in London.
The move takes away a brand from Mike O’Driscoll, the Irvine-based Premier Automotive president who has overseen Aston Martin as well as Jaguar and Land Rover.
The Aston Martin sale is expected to close in the second quarter. The move is part of Ford’s restructuring amid losses and declining sales.
