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Britain's famed Morgan Motor sells majority stake to Italian investment house

Britain's famed Morgan Motor sells majority stake to Italian investment house

MILAN -- Italian investment group Investindustrial said on Tuesday it had bought a majority stake in iconic British Car Maker Morgan Motor Co.

The company, which gave no financial details, said the deal would be completed in April. Morgan is among the few independent automakers still based in Great Britain.

The Morgan family will continue to represent the brand, best known for its wood-framed sports cars and three-wheel vehicles, and will keep a minority stake in the company.