The Canada Pension Plan Investment Board and investment manager Bridgepoint have signed a deal to sell Dorna Sports to Liberty Media, the company behind Formula One auto racing. Canada Pension Plan Investments logo is seen in this undated handout. THE CANADIAN PRESS/HO *MANDATORY CREDIT*
Republished April 01, 2024 - 5:16 AM
Original Publication Date April 01, 2024 - 4:06 AM
TORONTO - The Canada Pension Plan Investment Board and investment manager Bridgepoint have signed a deal to sell Dorna Sports to Liberty Media, the company behind Formula One auto racing.
The transaction puts an enterprise value of 4.2 billion euros on Dorna, which holds the rights to the MotoGP World Championship.
MotoGP will host 21 motorcycle races across 17 countries for the 2024 season.
CPP Investments holds a 39 per cent stake in Dorna.
The Canadian pension fund manager says its net proceeds from the transaction are expected to be about C$1.9 billion, including about 75 per cent in cash and 25 per cent in Series C Liberty Formula One tracking stock.
The transaction is subject to customary conditions and regulatory approvals.
This report by The Canadian Press was first published April 1, 2024.
News from © The Canadian Press, 2024