Macfarlanes advises on Formula One sale
The agreement will see Liberty Media buy 100 per cent of Delta Topco, the parent company of Formula 1, from a consortium of sellers led by private equity firm CVC Capital. The transaction price represents an enterprise value for Formula One of $8.0bn and an equity value of $4.4bn.
The deal is expected to complete before the end of the first quarter of 2017. After completion of the acquisition, Liberty Media will own Formula One and it will be attributed to the Liberty Media Group which will be renamed the Formula One Group.
The Macfarlanes team principally comprised corporate M&A head Ian Martin, with solicitor Felicity Powell and also included corporate M&A partner Stephen Drewitt and senior solicitor Adam Campbell. Tax partner Peter Abbott also advised.
Freshfields Bruckhaus Deringer, led by Charles Hayes, acted for the institutional shareholders of Delta Topco. Baker Botts acted for Liberty Media.