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Liberty agrees $1.55bn deal with investors for F1 purchase

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Liberty agrees $1.55bn deal with investors for F1 purchase
By:
Dec 14, 2016, 7:30 PM

Liberty Media has announced an agreement with third-party investors to raise $1.55 billion to support the purchase of Formula 1.

Chase Carey, Chairman of Formula One Group talks with Dr Helmut Marko, Red Bull Racing Team Consultant
Lewis Hamilton, Mercedes AMG F1 W07 Hybrid leads at the start of the race
Chase Carey, chairman of Formula One Group
FIA, Union, and F1 flags
Bernie Ecclestone, with Chase Carey, Formula One Group Chairman and Flavio Briatore

Liberty bought a controlling stake in the sport back in September, in a deal worth $8 billion.

The deal was for a 19.1 percent stake, brought from main shareholder CVC Capital Partners.

On Wednesday, Liberty said a deal with investors had been reached to fund the acquisition.

The third-party investors are Coatue Management, the Shaw group, JANA Partners, Ruane, Cunniff & Goldfarb, Soroban Capital Partners, SPO Advisory, and Viking Global Investors.

The investors have committed to the financing through a subscription of Liberty's common stock, valued at $25 per share.

Liberty also said a CVC representative will be joining the its board of directors.

"This is a significant step in Liberty Media's transformative acquisition of Formula 1 and is further confirmation that the future of the sport is bright," said Formula 1 chairman Chase Carey.

Liberty Media CEO Greg Maffei added: "We are excited that this impressive list of investors will participate in the acquisition of Formula 1.

"This group shares our enthusiasm for the sport and our belief in the opportunity to develop and grow it for the benefit of the fans, teams, sponsors and our shareholders.

"We look forward to closing the transaction in early 2017."

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Series Formula 1
Author Pablo Elizalde