F1 owner Liberty Media slips on stock offering to fund MotoGP buy

Liberty Media

21/08/2024 18:21

** Liberty Media's F1 tracking stock  FWONK.O  down 2.5% at
$77.82 on Weds after equity raise to fund takeover of MotoGP
    ** Co early Weds announced pricing offering of 10.65 mln
shares of Series C Liberty Formula One common stock at $77.50
for $825.4 mln gross raise with Goldman Sachs as sole
underwriter
    ** Offering price represents 2.9% discount to FWONK close of
$79.83 on Tues
    ** Liberty Media to use net offering proceeds to fund
previously announced acquisition of Dorna Sports, parent of the
world’s leading motorcycle racing championship
    ** In Apr, co disclosed it would buy Dorna from British PE
firm Bridgepoint Group and Canada Pension Plan Investment Board
in deal valued at $4.2 bln euros, or ~$4.5 bln
    ** FWONK shares closed at $65.60 a day before the
acquisition was revealed
    ** Liberty Media has two other Nasdaq-listed tracking
stocks: Liberty SiriusXM Group, representing its interest in
SiriusXM  SIRI.O , and Liberty Live Group, its interest in Live
Nation Entertainment  LYV.N  and other minority investments

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))