23 May 2012

Investors buy major stake in F1

5:44 pm on 23 May 2012

The private equity firm CVC Capital has sold a $2.1 billion stake in Formula One to three investors ahead of the motor racing company's planned $3.9 billion initial public offering in Singapore.

The deal sets a benchmark valuation of at least $9.2 billion for the company.

The shares are expected to debut next month in the long-awaited public flotation of a franchise led by the octogenarian billionaire Bernie Ecclestone.