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Canadian pension fund to buy 39% of Dorna
26 October 2012
The Canada Pension Plan Investment Board (CPPIB) has agreed to buy a 39% stake in Dorna Sports from private equity firm Bridgepoint.
The deal is for an undisclosed sum, rumoured by Reuters
to be in the region of 400 million euros ($518 million).
The CPPIB stake is alongside current shareholders, Bridgepoint and Dorna management. Dorna holds the commercial rights to MotoGP until 2036.
Bridgepoint became Dorna's majority shareholder in 2006 and then acquired Infront Sports & Media last September, which included World Superbike organiser Infront Motorsports.
It was recently announced that both MotoGP and WSBK will be integrated within Dorna, and this expansion appears to have prompted the CPPIB investment.
Dorna CEO Carmelo Ezpeleta said: "I welcome CPPIB as a new shareholder. Alongside Bridgepoint, we now have long-term institutional support in place as we bring together for the first time the two top motorcycle racing series under one roof and as we develop and strengthen both championships."
"We look forward to working together with Dorna's CEO, Carmelo Ezpeleta, his management team and Bridgepoint to continue Dorna's global growth and to pursue exciting opportunities to expand into emerging markets," said André Bourbonnais, Senior Vice-President of Private Investments at CPPIB.
Founded in 1988, Dorna has run MotoGP since 1992.