CVC Said to Hire Goldman to Explore IPO of Formula One Business

CVC Said to Hire Goldman to Explore IPO of Formula One Business

CVC Capital Partners hired Goldman Sachs Group Inc. (GS) to explore a possible sale of a stake in Formula One in an initial public offering, said a person with knowledge of the matter.

Any deal to sell part of CVC’s holding may value the motor- racing sport at more than $10 billion and Singapore is a possible listing venue, the person said, declining to be identified as the deliberations are private.

Formula One’s Chief Executive Officer Bernie Ecclestone said in November the company should seek a listing in Singapore because of Asia’s growing interest in the sport, the Sunday Telegraph reported at the time. Ecclestone said CVC, the U.K. private equity firm, would be better off exiting the business via an IPO in Singapore rather than selling it, according to the Telegraph.

Sky News reported yesterday that CVC had hired Goldman Sachs to study a placement of part of its stake in Formula One. Executives at CVC in Hong Kong didn’t immediately respond to phone calls seeking comment on the possible IPO. Edward Naylor, a spokesman for Goldman Sachs in Hong Kong, declined to comment.

CVC bought majority control of Formula One in March 2006, according to the private equity firm’s website. F-1 has turnover of 1.17 billion euros ($1.55 billion) and employs 200 people, the website shows.

To contact the reporters on this story: Joyce Koh in Singapore at jkoh38; Elffie Chew in Kuala Lumpur at echew16

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser

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