ENGLEWOOD, Colo.: Liberty Media Corp’s shareholders have voted to approve funding and changes related to the takeover of Formula One.
Shareholders approved (i) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 and (ii) a proposal relating to the adoption of the amendment and restatement of Liberty Media’s restated certificate of incorporation to effect the name change of the “Media Group” and the “Liberty Media Common Stock” to the “Formula One Group” and the “Liberty Formula One Common Stock”, respectively.
Liberty, controlled by US cable mogul John Malone, took over Formula One Group, owned primarily by investment companies CVC Capital Partners, Waddell & Reed, and LBI Group, with the remaining ownership split between F1 supremo Bernie Ecclestone, other investment companies and company directors last September in a deal valued at $8 billion.
Liberty said in December it would raise $1.55 billion for the takeover through investors, including Coatue Management LLC, D. E. Shaw, and Jana Partners, that had committed to a financing through a subscription for Liberty’s Series C common stock.
The closing of the acquisition remains conditioned upon approval from the Fédération Internationale de l’Automobile, the governing body of Formula 1.
The acquisition is still expected to close before the end of the first quarter in 2017.
