CVC Continues Sell-Down In Formula One After Axed IPO

Law360, New York (June 18, 2012, 5:12 PM EDT) -- Private equity firm CVC Capital Partners has sold a $500 million stake in Formula One Group to funds managed by Waddell & Reed Inc., CVC said Friday, again lowering its stake after the auto-racing company tabled a $2.5 billion initial public offering last month.

Funds managed by Waddell & Reed will buy into the motor-sport franchise in a private placement deal that values it at $9.1 billion, CVC said in a statement.

Waddell & Reed was also part of a three-investor group that took a 21...
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