CVC completes Formula One purchase
LONDON, Mar 28 (Reuters) Private equity firm CVC has completed its takeover of Formula One's commercial rights. CVC Capital Partners said in a statement they had completed the acquisition of the Formula One Group through newly incorporated Alpha Prema UK Limited.
''We are pleased that we have now completed our investment in Formula One and look forward to working with Bernie Ecclestone and his team to further develop and grow the business,'' said CVC's Donald Mackenzie.
The European Commission granted conditional approval a week ago for the deal. Formula One supremo Ecclestone, who remains at the helm, and German bank BayernLB are selling CVC their stakes for an undisclosed price.
CVC must sell its Spanish subsidiary Dorna, promoter of the MotoGP world championship.
REUTERS DH BST1628