CVC Capital has elected to sell a $1.6 billion stake in F1 to a group of investors ahead of a planned $3 billion initial public offering on the Singapore stock market.
According to a report by Reuters
, CVC have sold around 20 per cent of the sport to investment company BlackRock, asset manager Waddell & Reed and Norges Bank Investment Management.
It means CVC will now hold a stake in the sport of around 40 per cent.
The deal will see F1 given an enterprise value of $9.1 billion ahead of the planned floatation in Singapore within the next month.
"We view this (pre-IPO deal) as a validation of the company's valuation," a source told Reuters
Officials from the three reported investors have yet to comment.