CVC confirms $1.6 billion Formula One deal

Private equity firm CVC Capital Partners confirmed on Tuesday that investors Waddell & Reed , Norges Bank and BlackRock had paid $1.6 billion in cash for a 21 percent stake in the Formula One motor racing business.

CVC, which had owned 63.4 percent of the business, said it would continue to be Formula 1's largest and controlling shareholder. Formula 1 is exploring a flotation on the stock market in Singapore next month.