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The deal, set to close in two tranches over 18 months, would be Arctos' fourth investment in an NFL franchise

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Private equity firm Arctos has agreed to acquire a 10% stake in the Atlanta Falcons at an enterprise value of $10.6 billion, according to CNBC.

The transaction will be structured in two tranches over the next 18 months, according to CNBC, citing two unnamed people familiar with the matter. Whether the 10% comes entirely from Arthur Blank's holdings or incorporates portions owned by other limited partners has not been disclosed.