Formula One investment

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.
<div style="text-align: left;">
Singapore fails to get Formula One over the finish line (AFP)
</div>
<div style="text-align: left;"> Singapore fails to get Formula One over the finish line (AFP) </div>

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 bankers had been doing investor education for the deal for two weeks by the time it was put on hold.

This latest sale of a stake by Formula One’s controlling shareholder also...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222