CVC acquires JPMorgans F1 shares 06 Dec 2005
CVC is pleased to announce that Alpha Prema UK Limited (Alpha Prema) has reached agreement to acquire JPMorgans interests in the Formula One group. Following completion of this transaction, Alpha Prema will control 86% of the Formula One group.
Alpha Prema is a newly incorporated company through which funds managed or advised by CVC Capital Partners Group ("CVC") are making their investment in Formula One. CVC will have a majority stake in Alpha Prema.
CVC is a leading private equity firm in Europe and Asia, and has experience of investing in motorsport and rights management, through its ownership of Dorna, the company that organises and manages the commercial rights of the FIM Road Racing World Championship Grand Prix (MotoGP), which was acquired by CVC in 1998. CVC is also a controlling shareholder of the Automobile Association in the UK.