With Formula 1 set to go public by mid-June, majority stake holder CVC Capital has sold a part of its own stake in the company for a reported sum of $ 1.6 billion.
The sale has been made in order for CVC to safeguard itself and reduce the risk of losses when the floatation takes place later this year. The 21 per cent stake has been sold to three different parties - Waddell & Reed now own 13.9 per cent, BlackRock owns 2.7 per cent and Norges Bank Investment Management now owns 4.2 per cent of the stake.
Formula 1 is set to unveil its the pricing of its shares sometime in the middle of June, after which trading will start in Singapore.
The motorsport company as a whole is estimated to have an overall value of approximately $ 7 billion. Other than CVC and the companies mentioned above, the remaining stake in the company is owned by the Ecclestone Family Trust and Bernie Ecclestone himself.