Reuters: Private Equity: CVC to further cut F1 stake to 30 pct after IPO -sources

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CVC to further cut F1 stake to 30 pct after IPO -sources May 24th 2012, 10:56 HONG KONG | Thu May 24, 2012 6:56am EDT HONG KONG May 24 (Reuters) - Private equity firm CVC Capital Partners will cut its ownership stake to about 30 percent in the Formula One motor racing business after the company's up to $3 billion IPO by selling shares on the public market, sources said on Thursday. CVC currently holds about 42 percent of Formula One after it recently sold a $1.6 billion stake to a group of investors, including the investment management firm BlackRock. That sale was key to set a benchmark valuation of Formula One for CVC and current shareholders, including billionaire F1 chief Bernie Ecclestone, the estate of bankrupt investment bank Lehman Brothers and JPMorgan. Formula One will seek a valuation of about 18-22 times its earnings for the IPO, sources with direct knowledge of the plans told Reuters.

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