SINGAPORE/HONG KONG (Reuters) - Private equity firm CVC Capital has sold a 1.0 billion pounds ($1.6 billion) stake in Formula One to three investors including BlackRock ahead of the motor racing company's planned $3 billion initial public offering in Singapore, sources said on Tuesday.
The deal sets a benchmark valuation of at least $7 billion for the company as financial advisers begin to target potential cornerstone and retail investors during the pre-marketing process of the IPO. The shares are expected to debut in June.
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