Gutman and Lemkau drive F1 deal for Goldman

Gregg Lemkau, Goldman Sachs

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Gregg Lemkau, Goldman Sachs

CVC is close to selling its 35% stake in the racing franchise, according to people familiar with the matter, with a sale to the US media giant by Liberty Media possible as early as this week.

A sale of the stake could value Formula One at around $ 8 billion, one of the people said.

Goldman’s global M&A co-head Gregg Lemkau and UK investment banking co-head Anthony Gutman, who is also co-head of investment banking services in Europe, the Middle East and Africa, are the lead advisers to CVC on the sale, according to the people.

The pair have been working with the private equity firm on its talks with potential bidders for a number of years, one of the people said.

CVC bought a majority stake in the motor racing franchise in 2006 and has since reduced its holding to around 35%. In 2012, it sold around 20% to investors including asset manager BlackRock, US investor Waddell and Reed Financial and the Norwegian central bank, Norges Bank, for $ 1.6 billion.

Gutman had previously advised CVC on a potential Singapore IPO of its remaining holding in 2012. The $ 2.5 billion listing was pulled because of weak markets, but was later reconsidered, according to a 2013 report in The Wall Street Journal.

Morgan Stanley is advising Liberty Media from its New York office, according to a third person close to the deal.

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