CVC offloads $500m Formula One stake to Waddell & Reed
CVC Capital Partners has sold a $500 million stake in Formula One Group to Waddell & Reed. The move comes after the motor-sport franchise delayed its $3 billion Singapore IPO due to volatile market conditions.
The transaction increases Waddell & Reed's holding to 20.9% and gives Formula One an enterprise valuation of $9.1 billion, the private equity firm said in a statement. Waddell & Reed was part of an institutional...
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