Liberty Media gets antitrust approvals for F1 takeover
Liberty Media has announced it has gained all the necessary approvals from antitrust authorities related to its planned takeover of Formula 1.
The news brings the American entertainment company one step closer to completing its purchase and takeover of F1.
In September Liberty outlined its plans to purchase F1 in a $8billion deal. It initially acquired an 18.7% stake in F1 with a $746million cash deal and intends to eventually purchase 100% of F1 parent company Delta Topco’s shares.
Liberty announced earlier this week it had raised $1.55billion from investors, but said the purchase of F1 remained subject to several conditions.
One of those was approval from antitrust authorities, which Liberty has now confirmed it has received.
It is also subject to approval from its shareholders, who will meet on January 17, and F1’s governing body the FIA.
Liberty is still expecting its acquisition of F1 to be completed before the end of the first quarter of 2017.