Ryan Reynolds, RedBird Back Renault’s Alpine Formula 1 Team (1)

Hollywood actor Ryan Reynolds and AC Milan owner RedBird Capital Partners are leading a group of investors taking a stake in Renault SA’s Alpine Formula 1 team that values the business at $900 million.

RedBird, Otro Capital and Maximum Effort Investments will spend €200 million ($218 million) for a 24% share in Alpine Racing Ltd., the unit helming Alpine’s Formula 1 activities, Renault said. Alpine is hosting an event later Monday to give more details on its investment and future product lineup.

Renault Chief Executive Officer Luca de Meo’s Formula 1 efforts are a key plank of ...