DUBAI/FRANKFURT: Porsche has agreed to sell its stakes in sportscar makers Bugatti and Rimac to a consortium led by a U.S. fund linked to Egypt's billionaire Sawiris family, the companies said on Friday.

Under the deal, Porsche will divest its 45% stake in Bugatti Rimac, the joint venture set up in 2021 which owns the luxury carmaker, as well as a 20.6% stake in Rimac Group to a consortium led by U.S.-based HOF Capital, the firms said.