Waddell & Reed invests another $500 million in Formula One

CVC Capital Partners reduces its stake in the company behind the Formula One race series through another negotiated placement and cancels plans for a Singapore IPO at this time.

Waddell & Reed invests another $500 million in Formula One
Singapore fails to get Formula One over the finish line (AFP)

CVC Capital Partners has sold another $500 million stake in Formula One to US-based Waddell Reed Investment Management Company, according to a brief statement published on CVC’s website late Friday.

The sale comes a couple of weeks after Formula One decided to hold off on launching the institutional bookbuilding for its Singapore IPO due to the poor market environment. The deal had been expected to raise between $2.5 billion and $3 billion, and...

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