CVC, a private equity farm that has owned Formula1 since 2006 has sold furthur $500 million stake in Formula-1 reducing its stake to 35%.
It takes the total recieved this year by the company from the round of share sales to $2.1billion. This deals are based on valuation of $9.1billion.
CVC equity investments has been one of the most successful investment company in present.
They have earlier sold 2.1% stake to three investors: Waddell & Reid, Black Rock and Norges Bank Investment Limited.
Bernie Ecclestone still has 5% stake in the business.
Formula1 is financially in good shape and has its contract with the F1 teams, Broadcasting Contracts and has various revenues of $6.5billion upto 2020
No comments:
Post a Comment