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CVC Sells Further $500 Million Formula One Stake to Waddell & Reed

By Amy Or NEW YORK--Private-equity firm CVC Capital Partners said it has sold a $500 million stake in Formula One Group to Waddell & Reed Financial Inc. (WDR) and invested in Hong Kong-listed Chinese shoe company C.banner International Holdings Ltd. (1028.HK). In the Formula One transaction, the stake, sold in a private placement, valued the motor-sport franchise at an enterprise value of $9.1 billion, the firm said in a statement issued Friday. The deal, which increased Waddell & Reed Financial's stake to 20.9%, came as choppy markets hit equity fundraising and led to a delay in Formula One's planned $2.5 billion initial public offering in Singapore. Bankers on the IPO had planned for a mid-June listing but may consider reviving the deal later this year, people familiar with the situation said last week. Waddell & Reed Financial was part of an institutional investor group that invested $1.6 billion for an aggregate 21% in Formula One last month. The other two investors were Norway's sovereign-wealth fund, Norges Bank Investment Management, and the world's largest money manager, BlackRock Inc. (BLK). CVC's holding in Formula One fell to about 35.5% from 63% before the two recent deals. Separately, CVC invested in C.banner along with China Consumer Capital Partners Ltd. and MouseeDragon LP, and has also nominated a partner with its Asian-Pacific unit, Ho Chi Kit, to the shoe maker's board. In a regulatory filing, C.banner said CVC bought 138.6 million yuan ($21.8 million) worth of convertible bonds and 294.5 million Hong Kong dollars ($38.0 million) in exchangeable bonds. The firm said in a separate release that it also invested in C.banner through secondary shares, but didn't specify the amount. "C.banner is a leading player in the fast-growing ladies' footwear market in China with a strong and stable management team," said Francis Leung, CVC's Greater China chairman and managing partner. C.banner is the second-largest shoe company in the mid-to-premium women's footwear market in China with a 7.4% market share. CVC, which has raised $44 billion in funds, said it has identified a number of value-creation initiatives to further improve C.banner's business and will work closely with management to execute the business plan. CVC owns more than 60 companies world-wide, which generate more than $127 billion in revenue, it said. Write to Amy Or at amy.or@dowjones.com

Stock News for Waddell & Reed (WDR)
DateTimeHeadline
03/20/201507:10:32Waddell & Reed Financial declares $0.43 dividend
03/20/201506:59:00Waddell & Reed Financial, Inc. Declares Quarterly Dividend and...
03/05/201517:41:42Statement of Changes in Beneficial Ownership (4)
02/27/201509:34:29Annual Report (10-k)
02/27/201509:08:35Proxy Statement (definitive) (def 14a)
02/23/201517:52:09RayJay, Ladenburg, LPL Financial, Waddell & Reed eye Stifel's...
02/13/201516:02:09Form 13f Holdings Report (13f-hr)
02/13/201510:43:28Amended Statement of Ownership (sc 13g/a)
02/11/201517:26:33Statement of Changes in Beneficial Ownership (4)
02/10/201511:16:09Amended Statement of Ownership (sc 13g/a)
02/10/201509:29:38Amended Statement of Ownership (sc 13g/a)
02/10/201506:59:00Waddell & Reed Financial, Inc. Fund Families Again Among Top...
02/03/201509:01:20Current Report Filing (8-k)
02/03/201506:59:00Waddell & Reed Financial, Inc. Reports Fourth Quarter Results
01/27/201506:59:00Waddell & Reed Financial, Inc. Provides Notice of Conference...
01/26/201517:20:15Amended Statement of Ownership (sc 13g/a)
01/16/201509:05:53Automatic Shelf Registration Statement of Securities of Well-known...
01/14/201516:05:00Waddell & Reed Financial, Inc. Announces Assets Under Management
01/07/201515:28:11U.S. Stocks Stay Higher After Fed Minutes
01/05/201518:02:15Statement of Changes in Beneficial Ownership (4)

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