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Government to investigate F1 buy-out

NEWS STORY
07/11/2016

Britain's Competition and Markets Authority (CMA) is to investigate Liberty Media's proposed purchase of F1.

Announcing the investigation today, the CMA, which is the non-ministerial government department responsible for anti-competitive activities, said it is "considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if, so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services".

Stating that any written representations about any competition or public interest must be made by 21 November, the department's website added that the deadline by which time a decision on whether a more formal investigation is required is 5 January (2017).

Announcing the 8bn buy-out in early September, Liberty Media said it would purchase an initial 18.7% stake for $746m (560m), with the remainder of the buy-out scheduled for the first quarter of 2017.

The company made clear at the time that "the completion of the acquisition is subject to certain conditions, including the receipt of certain clearances and approvals by antitrust and competition law authorities in various countries, certain third-party consents and approvals, including that of the FIA".

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1. Posted by Canuck, 08/11/2016 0:03

"What a farce - maybe the CMA should investigate if Brexit "whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services"."

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