HONG KONG/SINGAPORE (Reuters) - Private equity firm CVC Capital has sold a $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.