Moto GP
Liberty Media to Offload $825M in F1 Shares for MotoGP Takeover
Liberty Media plans to offload $825 million in F1 stock before acquiring MotoGP
The anticipated completion of Liberty Media's MotoGP purchase is by the end of 2024
Liberty Media has revealed its intention to offload Formula 1 stocks valued at $825 million, aiming to partially finance its proposed purchase of MotoGP.
In April, Liberty finalized a deal to purchase an 86% stake in Dorna Sports S.L., the entity managing the commercial rights for MotoGP, with the transaction placing the sport's value at $4.2 billion.
Greg Maffei, the President and CEO of Liberty Media, stated that the deal is anticipated to conclude by the end of 2024. This is contingent upon obtaining the necessary authorizations and clearances from competition and foreign investment regulatory bodies across several regions.
Liberty Media revealed this week that it has sold more than 10 million shares in Formula 1, while also affirming its commitment to finalize the purchase of MotoGP by the end of the year.
Liberty Media anticipates utilizing the net income generated from this share sale for two main purposes: firstly, to finance the augmented cash payment required for the acquisition of MotoGP, a deal anticipated to finalize by the end of 2024, and secondly, for typical business needs such as paying off existing debts.
The issuance of 10,650,000 shares of 'Series C Liberty Formula One Common Stock' is priced at $77.50 per share in the public market. Furthermore, Liberty Media has provided an option to buy up to an extra 1,597,500 shares.
The statement further mentioned that the offering is anticipated to generate around $825,375,000 in total gross proceeds for Liberty Media.
Discover Further
Recent Updates
Recent Updates
Site Map
Crash.Net
©1999-2024 Crash Media Group
Reproducing the content, whether it's text, photos, or illustrations, fully or partially, is strictly prohibited in any manner.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.