CVC Capital Partners, the majority owners of Formula 1, have sold a 20 per cent stake ahead of the sports Singapore stock market flotation.
The 20 per cent, which has reduced CVC’s shareholding to around 40 per cent, raised £1 billion ($1.6bn), around half of the total £1.9 billion ($3bn) IPO which is set to go ahead within the next few weeks.
Reuters reports that BlackRock, an American multinational investment corporation and currently the world’s largest asset manager, is amongst the three buyers, with Waddell & Reed and Norges Bank Investment Management the other two.
The deal puts the total value of F1 at around £5.8 billion ($9.1bn).
