Freshfields gears up to lead on Formula 1 Singapore listing
Freshfields Bruckhaus Deringer is set to take pole position for private equity house CVC Capital Partners on the proposed $2bn (£1.3bn) Singapore listing of Formula 1. The initial public offering (IPO), which is planned for July this year, is expected to see Freshfields advise CVC – which owns 63.4% of F1 – as well as F1 itself, with corporate partner Chris Bown heading up the magic circle firm's team.
April 19, 2012 at 07:03 PM
2 minute read
Freshfields Bruckhaus Deringer is set to take pole position for private equity house CVC Capital Partners on the proposed $2bn (£1.3bn) Singapore listing of Formula 1.
The initial public offering (IPO), which is planned for July this year, is expected to see Freshfields advise CVC – which owns 63.4% of F1 – as well as F1 itself, with corporate partner Chris Bown heading up the magic circle firm's team.
It is understood that CVC set a deadline of last Friday (13 April) for banks hoping to play a role in the listing, with a decision to be confirmed later this month. UBS and Goldman Sachs are reportedly in line to secure the mandate.
F1 is also partially owned by collapsed bank Lehman Brothers, which has a 15.3% stake in the company.
Freshfields has advised on a string of deals for CVC in recent months, including its €2.65bn (£2.2bn) sale of CEE brewing group StarBev to Canada's Molson Coors and its joint bid for FTSE 250 tech company Misys last month.
The firm also advised the private equity house alongside Kirkland & Ellis on its €1.8bn (£1.5bn) acquisition of Nordic tool distributor Ahlsell in February.
The news comes amid reports this week that Premier League club Manchester United is set to revive plans for a Singapore listing. Allen & Overy (A&O) is understood to be advising longstanding client Man Utd, with global corporate co-head and relationship partner Andrew Ballheimer leading the firm's team.
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