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CVC SELLS MORE FORMULA 1 SHARES AMOUNTING ALMOST €400M.
CVC Capital Partners has announced that funds advised by Waddell & Reed Investment Management Company and Ivy Investment Management Company have agreed the investment of another $500 million in the company that manages the Formula 1 rights for $9,100 million final amount of, increasing its share to 20.9%.
Thus the British private equity firm CVC sells another €400 million, which together with the ones with the sale on May 22 totaled 1,670 million. Then it became official the sale of almost €6,000 million to BlackRock, Waddell & Reed and Norway's Norges Bank Investment.
The operation takes place few hours later of being stopped the IPO scheduled for this summer of the firm Formula One Management.