CVC sells another chunk of F1 business for $500m

CVC has sold a further stake in the F1 business in the aftermath of the decision to postpone the planned float on the Singapore stock exchange.

On May 22 CVC announced that it had sold 21% of the F1 company to Waddell & Reed, Norges Bank and BlackRock, for a total investment of US$1.6 billion in cash.

Waddell & Reed and its associates have now spent a further $500m, bringing its share up to nearly 21% on its own.

A CVC statement said: “CVC Capital Partners is pleased to announce that several funds managed by Waddell & Reed Investment Management Company and Ivy Investment Management Company have today agreed to invest a further $500m in a private placement in Formula 1 at $9.1bn enterprise value, increasing their aggregate stake to 20.9%.”

It remains to be seen what the long term plans are regarding the IPO.

1 Comment

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One response to “CVC sells another chunk of F1 business for $500m

  1. melonfarmer

    Was there ever going to be an IPO or is this an elaborate scheme to flush out potential investors? In 1997 Bernie seemed to use the proposal of an IPO to sell to EM.TV/Kirsch (?). Heaven forbid any part of the business actually ends up in the hands of mere mortals such as fans or private investors…

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