Carey Olsen has acted alongside leading international law firm Baker Botts LLP for Liberty Media Corporation (“Liberty Media”) to successfully close its acquisition of Formula One, the iconic global motorsports business, from a consortium of sellers led by CVC Capital Partners.
In December 2016, Liberty Media received the required approvals from antitrust authorities for the deal to go ahead in connection with the US$8 billion acquisition. Liberty Media shareholders agreed to proposals related to the takeover and a change of name to the Formula One Group on January 17, 2017. Formula One’s governing body, the FIA, unanimously approved the sale of the sport's commercial rights to Liberty Media in Geneva on January 18, 2017.
Liberty Media, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.
"We were delighted to have been able to support Baker Botts throughout this transaction to allow Liberty Media to successfully close this complex acquisition. Working alongside the Baker Botts London Corporate department demonstrates Carey Olsen's ability to deliver relevant local law expertise and solutions and the transaction support needed in complex cross-border deals," said the firm's lead Jersey-based partner Guy Coltman, who is also the head of Carey Olsen's Jersey corporate team.
The Carey Olsen team representing Liberty Media included: Guy Coltman (lead partner), Paul Burton (senior associate), Jamie Purdy (associate), Patrick Ormond (counsel) and Andreas Kistler (partner).