Reuters: Private Equity: BlackRock and others buy $1.6 bln stake in F1-source

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BlackRock and others buy $1.6 bln stake in F1-source May 22nd 2012, 02:25 SINGAPORE | Mon May 21, 2012 10:25pm EDT SINGAPORE May 22 (Reuters) - U.S.-based asset managers Waddell & Reed, BlackRock and Norges Bank Investment Management have bought a combined $1.6 billion stake in motor racing company Formula One from its private equity owner CVC Capital, a source with direct knowledge of the matter told Reuters on Tuesday. After the deal, CVC's stake in Formula One has dropped to about 40 percent from 63.4 percent, the source said, adding that the three institutions bought the Formula One stake over a period of time. Formula One is preparing for a Singapore IPO, which could raise between $2.5-$3 billion and the company is set to start pre-marketing the deal on Tuesday, Reuters reported. Companies mentioned in this report were not available for immediate comments. The source was not authorised to speak about the matter publicly as the information is private. Finance Asia first reported the news.

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