F1 Group majority shareholder CVC Capital Partners has confirmed that it has sold a large chunk of its stake in the business.
In a statement, the company said that “three leading institutional investors have together invested US$1.6 billion in cash for equity interests in Formula 1, acquiring in aggregate 21% of the company.” It adds that “CVC will continue to be Formula 1’s largest and controlling shareholder.”
The three buyers are BlackRock, Norges Bank Investment Management, and Waddell & Reed.
CVC managing partner Donald Mackenzie said: “This is great news for Formula One and an important step in its development. CVC became the controlling shareholder of Formula One in 2006.
“Since that date we have supported the company and its management as they have grown the company with great success. The addition of these three highly regarded investors to our share register is validation of this success, and we look forward to working with our new partners over the coming year.”
The price values the business at over $7bn. Plans are still progressing for a public sale of F1 shares on the Singapore stock exchange.
Meanwhile Sky News has reported that Unilever chief financial officer Jean-Marc Huet will join the F1 board as a non-executive director.