Porsche has agreed to sell its stakes in sportscar makers Bugatti and Rimac to a consortium led by a U.S. fund co-founded by a scion of Egypt's billionaire Sawiris family, one of the co-investors said in a statement on Friday. Under the deal, Porsche will divest a 45% stake in Bugatti Rimac, the joint venture hosting the iconic Italian brand, as well as a 20.6% stake in Rimac Group, said BlueFive Capital, one of the acquiring investors. While the investment firm did not disclose the financial terms for the deal, Reuters reported in 2022 that Croatia's Rimac had a valuation of over 2 billion euros ($2.34 billion). "In setting up the joint venture Bugatti Rimac together with Rimac Group, we successfully laid the foundation for Bugatti’s future," Porsche CEO Michael Leiters said in the statement. "Now, with the sale of our stake, we are focusing Porsche on the core business."