CVC confirms $1.6 billion Formula One deal

Private equity firm CVC Capital Partners confirmed on Tuesday that investors Waddell & Reed, Norges Bank and BlackRock had paid USD 1.6 billion in cash for a 21% stake in the Formula One motor racing business.

"We look forward to working with our new partners over the coming years," said Donald Mackenzie, a managing partner at CVC, calling the investment great news for Formula 1.

CVC, which had owned 63.4% of the business, said it would continue to be Formula 1's largest and controlling shareholder. Formula 1 is exploring a flotation on the stock market in Singapore next month.