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Formula One owner cuts stake in $1.6 bln deal
By Saeed Azhar and Keith Weir
SINGAPORE/LONDON (Reuters) - Three investment groups have bought a 21 percent stake in Formula One from private equity firm CVC Capital for $1.6 billion ahead of the motor racing company's planned flotation in Singapore.
The deal sets a benchmark valuation of at least $7.6 billion for the company as financial advisers begin to target cornerstone and retail investors
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