CVC plans $2b Formula One IPO in Singapore - report

Formula One Group is responsible for the promotion of the FIA Formula One World Championship and the exploitation of the sport's commercial rights.

CVC acquired a majority stake in the company through a series of loans totaling $2.5 billion in the mid-2000s, and currently has a 63.4% stake. Collapsed US bank Lehman Brothers owns 15.3% while Slavica Ecclestone, ex-wife of company CEO Bernie Ecclestone, holds 8.5%.

Last month, Ecclestone told Reuters that Singapore was the best place to float the motor racing business, in a move to tap enthusiasm for international sporting brands in Asia. A Formula One race has been held in Singapore each year since 2008.

Goldman Sachs has been hired to advise the listing and CVC is expected to retain other investment banks, Bloomberg reported, citing people with knowledge of the matter. Reuters reported that banks are required to submit formal proposals to the company, CVC and its advisers by Friday and a final decision on the mandates will be made on or around April 24.

The IPO is set to be Singapore's fourth largest ever and the biggest since Hutchison Port Holding Trust raised $5.8 billion in March last year. Formula One, which has an annual turnover of EUR1.17 billion ($1.52 billion), has yet to apply to the Singapore Stock Exchange for listing approval.

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• Topics
• Southeast Asia
• Exits
• Consumer
• Media
• IPO
• Singapore
• Exit
• CVC Capital Partners