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CVC sells stake in F1

CVC Capital sells a stake in F1 to group of investors
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.


Tagged as: stock market , CVC Capital

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Kimi - Unregistered

May 22, 2012 3:37 PM

for those delisional enough to think of F1 as a sport and not a business maybe now it's time to wake up. Who is an F1 champion compared to the money involved? Smaller than an ant!



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