LONDON: US asset management company Waddell & Reed has increased its stake in the Formula One motor racing business to 20.9 percent in a $500 million (318 million pounds) deal, CVC Capital Partners said.
Formula One, in which CVC is the largest shareholder, had been exploring a flotation in Singapore but put plans on hold two weeks ago because of market volatility.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!