CVC raises 320m with new F1 stake sale


The sale retains F1's overall value at 5.8bn
16 June 2012 by Ryan Wood | M
          

Formula 1 majority owner, CVC Capital Partners, has sold another stake in the sport raising an additional £320 million ($500m) on top of last months £1 billion ($1.6bn) sale.

The latest deal sees original investor Waddell & Reed, a US-based investment fund, increase its original stake to almost 21 per cent after initially investing £700 million ($1.1bn) in 13% of the sport last month.

BlackRock and Norges Bank Investment Management also invested last month, sharing a 7% stake.

A statement from CVC confirmed the sale which reduces its holding to around 32%.

"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%."

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