CVC confirms $1.6bn F1 deal
2012-05-23 07:57
BIG-BUCKS BUSINESS: Private equity firm CVC Capital Partners has confirmed that $1.6-billion in cash has been paid for a 21% stake in the Formula 1 motor racing business.
Author: Keith Weir
LONDON, England - Private equity firm CVC Capital Partners has confirmed that $1.6-billion in cash has been paid for a 21% stake in the Formula 1 motor racing business.
The purchase was made by Waddell & Reed, Norges Bank and BlackRock.
"We look forward to working with our new partners over the coming years," said Donald Mackenzie, a managing partner at CVC, calling the investment great news for F1.
CVC, which had owned 63.4% of the business, said it would continue to be F1's largest and controlling shareholder. F1 is exploring a flotation on the stock market in Singapore in June, 2012.