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More banks added to Formula One IPO line-up - IFR

Source : REUTERS
Last Updated: Tue, Apr 24, 2012 17:30 hrs
Red Bull Formula One driver Vettel leads at the start of the Bahrain F1 Grand Prix at the Sakhir circuit in Manama

SINGAPORE (Reuters) - Morgan Stanley, Spain's Banco Santander, Singapore's DBS Group and Malaysia's CIMB will join banks working on Formula One's planned flotation in Singapore, IFR reported on Tuesday.

The four will act as bookrunners after UBS and Goldman Sachs were hired earlier this month to lead the expected $2 billion initial public offering, said IFR, a service owned by Thomson Reuters.

Formula One management made a presentation at London's Savoy Hotel to analysts from banks involved in the plan, sources close to the deal told Reuters.

There was no immediate comment from any of the banks named.

UBS and Santander are sponsors of Formula One, a 20-race circuit that tours the globe and draws an estimated television audience of more than 500 million for each grand prix.

Private equity firm CVC Capital Partners, which owns 63.4 percent of Formula One, is looking to list part of the premier motor racing business in Singapore but would continue to hold shares, sources told Reuters previously.

An Asia-based listing would help the company tap the region's interest in international sporting brands. English soccer champions Manchester United have also looked at a listing in Singapore but put plans on hold last September because of market volatility.

(Reporting by Daniel Stanton in Singapore and Keith Weir in London; Editing by Jon Loades-Carter)




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