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CVC owns 100% of F1 following Lehman Brothers' purchase

NEWS STORY
29/03/2006

Christian Sylt reports that less than forty-eight hours after completing the purchase of the Formula One Group, Alpha Prema UK Limited has acquired Lehman Brothers' interests in the company, which therefore gives the CVC majority-owned company 100 percent ownership of F1.

Alpha Prema is a newly incorporated company through which funds managed or advised by CVC Capital Partners Group are making their investment in Formula One.

A further company, established in November 2005 and based in Jersey, called Alpha Topco, is the holding company for the Formula One Group.

Having purchased 75 percent of the Formula One Group in November, two weeks later CVC purchased JP Morgan's 14.175 percent of the company.

Today's purchase of Lehman Brothers' stake - also 14.175 percent - gives CVC 100 percent ownership of the Formula One group.

As part of the transaction, Lehman Brothers has an option to reinvest in Alpha Topco.

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