LONDON (Reuters) – Formula E has become a minority shareholder in Extreme E, the electric off-road series due to start next year, the two sides announced on Tuesday.

No financial details were provided for what was described as a strategic investment.

The series were both founded by Spanish businessman Alejandro Agag, who is chairman of Formula E and chief executive of Extreme E.

Formula E chief executive Jamie Reigle will have a seat on the Extreme E board but the businesses will be independent of each other.

“It has always been my intention to have Formula E and Extreme E working closely together, spreading the message of electrification, environment and equality,” said Agag in a statement.

City-based Formula E has Liberty Global and Discovery Communications as major shareholders.

(Reporting by Alan Baldwin, editing by Ed Osmond)

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