Liberty Media wins bidding for Formula One

News Video Global 8 SEP 2016
Liberty Media wins bidding for Formula One

Liberty Media has won the bidding to acquire the Formula One racing series from CVC. The deal gives the F1 an enterprise value of USD 8 billion. Liberty Media will pay a combination of USD 1.1 billion cash, 138 million newly issued shares of the Liberty Media Group tracking stock (LMCK) and a USD 351 million exchangeable debt instrument to be issued by Formula One and exchangeable into shares of LMCK. 

The company will initially take a minority stake for cash in F1, while CVC will continue to help run the company and serve on the board. The acquisition will be effected by Liberty Media acquiring the shares of Delta Topco, the parent company of Formula One. 

After completion of the acquisition, Formula One will be attributed to the Liberty Media Group which will be renamed the Formula One Group. Chase Carey has been appointed by Delta Topco and will serve as the new Chairman of Formula One, succeeding Peter Brabeck-Letmathe, who will remain on Formula One's board as a non-executive director. Bernie Ecclestone will remain Formula One's CEO.

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M&A buyouts & divestments

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