Mayor share holder CVC Capital Partner has reportedly sold off an additional stake in F1 to Waddell & Reed.
CVC owned about 63% of the stake in F1 in May, but then sold off a $1.6bn deal to Waddell & Reed, BlackRock and Norway´s Norges Bank Investment Management. Growing concern about the stability on the Asian market, more notably the Singapore Stock Exchange, has led the owners to delay the IPO a few weeks. Now CVC has sold off an additional $500m stake, also to Waddell & Reed, and this brings the total share in F1 down to 35%.
“Several funds managed by Waddell & Reed Investment Management Company and Ivy Investment Management Company have today agreed to invest a further $500 million in a private placement in Formula One at $9.1 billion enterprise value, increasing their aggregate stake to 20.9%,” a statement from CVC read.