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CVC Capital Partners has added UBS AG (UBS) and Morgan Stanley (MS) as additional banks to manage a planned initial public offering in Singapore of more than US$2.5 billion in the Formula One Group motorsport franchise, people familiar with the transaction said Wednesday.
UBS and Morgan Stanley will be joining Goldman Sachs Group Inc (GS) as joint global co-ordinators on the IPO, slated for the second quarter this year, the people said. Singapore's DBS Group Holdings Ltd. (D05.SG), Malaysia's CIMB Group Holdings Bhd (1023.KU), and Spain's Banco Santander S.A. (STD) will also be on the IPO, as joint bookrunners, one of the people said.
The IPO, if successful, will be the largest IPO in Singapore so far this year, and comes at a time when companies are looking to tap the equities market as the global economy looks to be on a recovery path.
CVC has owned 63% of SLEC Holdings, Formula One's holding company, since 2006. The private equity firm wasn't immediately available for comment.
-By P.R. Venkat, Dow Jones Newswires; +65-6415-4157; firstname.lastname@example.org