HONG KONG/SINGAPORE (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 pre-IPO deal cuts CVC's stake in Formula One to about 40 percent from 63.4 percent, one of the sources said. The two other investors are asset manager Waddell & Reed and Norway's Norges Bank Investment Management, the asset management unit of the Norwegian central bank, known as Norges Bank.
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