- Liberty Media to acquire Dorna for €4.2bn
- Deal expected to close by the end of the year
Liberty Media has announced it is selling 10.65 million shares to fund its impending acquisition of MotoGP rights holder Dorna Sports.
Priced at US$77.50 per share, the offering is expected to close today and generate just over US$825 million for the company.
Liberty Media will use the proceeds predominantly for its acquisition of Dorna, but also to repay outstanding debts.
The company notes that if for any reason the acquisition is not finalised then the funds will be made attributed to the Formula One Group tracking stock.
Related posts
In April, it was announced that Liberty Media would acquire approximately 86 per cent of Dorna in a deal worth €4.2 billion (US$4.5 billion).
“We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP,” Greg Maffei, president and chief executive of Liberty Media, said at the time.
“MotoGP is a global league with a loyal, enthusiastic fanbase, captivating racing and a highly cash flow generative financial profile. Carmelo [Ezpeleta] and his management team have built a great sporting spectacle that we can expand to a wider global audience.
“The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.”
The deal is expected to close at the end of this year, subject to clearance and approval by competition and foreign investment law authorities.
Don’t miss the latest news and insights from across the business world of motorsport. Subscribe to the BlackBook Motorsport Weekly newsletter here.
