March 5, 2019 / 2:07 PM / 17 days ago

Italy's Investindustrial buys majority stake in UK's Morgan Motor Company

MILAN (Reuters) - Italian investment group Investindustrial said on Tuesday it had bought a majority stake in iconic British sportscar maker Morgan Motor Company Ltd.

The company, which gave no financial details, said the deal would be completed in April.

The Morgan family will continue to represent the brand and will keep a minority stake in the company.

Morgan Motor Company, which sells around 700 cars per year, had revenues of 33.8 million pounds ($44 million) in 2018.

Reporting by Stephen Jewkes; editing by Agnieszka Flak

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