CVC Sells F1 Stake to Waddell & Reed for $500 Million

Date : 06/17/2012 @ 7:40PM
Source : Dow Jones News
Stock : Blackrock, Inc. (BLK)
Quote : 390.71  0.0 (0.00%) @ 7:45AM

CVC Sells F1 Stake to Waddell & Reed for $500 Million

Waddell & Reed (NYSE:WDR)
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CVC Capital Partners Inc., a part-owner of Formula One, sold $500 million of shares in the auto-racing series to U.S. asset manager Waddell & Reed Financial Inc. (WDR), Bloomberg News reported Saturday.

The sale values Formula One at $9.1 billion and boosts Waddell & Reed's holding to 20.9%, CVC said, according to Bloomberg. Waddell & Reed, BlackRock Inc. (BLK) and Norges Bank Investment Management paid CVC $1.6 billion for 21% of the company in an earlier deal announced May 22, Bloomberg reported.

Full story at http://www.bloomberg.com/news/2012-06-16/cvc-sells-500-million-stake-in-formula-one-to-waddell-reed.html

Write to nymonitoring@dowjones.com




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