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Liberty Media and partners to invest $1.55 billion in Formula 1 acquisition

Staff Writer |
Liberty Media has entered into agreements with certain third party investors to commit $1.55 billion.

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This is for subscriptions for newly issued shares of its Series C Liberty Media common stock (LMCK) at a price of $25.00 per share in connection with its acquisition of Formula 1.

The third parties are Coatue Management, L.L.C., the D. E. Shaw group, JANA Partners LLC, Ruane, Cunniff & Goldfarb Inc., Soroban Capital Partners LP, SPO Advisory Corp., and Viking Global Investors LP.

The issuance of the shares of LMCK to the Third Party Investors will be consummated concurrently with the completion of the Formula 1 acquisition.

The proceeds from this $1.55 billion investment will be used to increase the cash portion of the aggregate consideration payable to the consortium of selling Formula 1 shareholders led by CVC Capital Partners.

The interest in Formula 1 already acquired by Liberty Media, and the remaining interest to be acquired upon the closing of the acquisition, is being attributed to the Liberty Media Group tracking stock.

completion of the acquisition, subject to stockholder approval, the Liberty Media Group will be renamed the Formula One Group

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