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

Private equity firm Arctos has agreed to buy 10% of the Atlanta Falcons in a deal valued at $10.6 billion, two sources told CNBC.

Arctos reached an agreement Thursday to acquire a 10% interest in the Atlanta Falcons at a reported $10.6 billion enterprise valuation.