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James Hill

James Hill

Jersey
Partner

Jon Woolrich

Jon Woolrich

Jersey
Mourant LP Partner

Andrew Salisbury

Andrew Salisbury

London
Counsel

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Mourant Ozannes advises Formula One on the US$8 billion sale to Liberty Media

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14 September 2016

Mourant Ozannes has advised Delta Topco Limited, the Jersey parent company of the Formula One business, on its proposed sale to Liberty Media Corporation from a consortium of sellers led by CVC Capital Partners.

Liberty Media owns interests in a broad range of media, communications and entertainment businesses. After completion of the acquisition, Liberty Media will own Formula One and it will be attributed to the Liberty Media Group which will be renamed the Formula One Group.

The consideration comprises cash and newly issued shares in the Liberty Media Group tracking stock (LMCK) and a debt instrument exchangeable into shares of LMCK. The transaction price represents an enterprise value for Formula One of $8.0 billion and an equity value of $4.4 billion.

The Mourant Ozannes team which advised on the deal was led by partner James Hill, counsel Jon Woolrich and senior associate Andrew Salisbury. Mourant Ozannes provided both Jersey law and Cayman law advice to Delta Topco on all aspects of the transaction.

Commenting on the deal, James Hill said: "Formula One is an important and long standing client of the firm and we are delighted to have assisted them with this high profile transaction. This was a complex deal with many Jersey law issues and it was a great opportunity for us to demonstrate our strengths as a firm, in particular our unrivalled ability to service demanding and complex M&A deals to tight timeframes."

In 2006, Mourant Ozannes advised on the private equity buyout of the Formula One business by CVC Capital Partners and the establishment of the Jersey topco structure, and has assisted Formula One with a number of transactions since then.

Mourant Ozannes worked closely with leading international law firm Freshfields Bruckhaus Deringer LLP, whose team led on advising Delta Topco on both the UK and US aspects of the deal.