US-based F1 owner Liberty Media announces MotoGP takeover
"Liberty Media will acquire approximately 86% of Dorna, with Dorna management retaining approximately 14% of their equity...
"The transaction reflects an enterprise value for Dorna/MotoGP of €4.2 billion ($4.53 billion) and an equity value of €3.5 billion," MotoGP added.
"We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP," Liberty Media president and CEO Greg Maffei - Liberty Media resident and CEO - said.
"We are excited for what this milestone brings to Dorna, the MotoGP paddock and racing fans," said Carmelo Ezpeleta, CEO of Dorna.
The acquisition is expected to be completed by the end of the year subject to clearances and approvals by law authorities, MotoGP added.
Maffei and Liberty's chief legal officer Renee Wilm told a conference call with analysts, however, that the situation was different now and they were confident on the regulatory side.
"We believe there is a broad market for sports and entertainment properties, of which both F1 and MotoGP are only a small subset, and that the market has continued to change from the time when this was previously reviewed in a major way," said Maffei.
"These are both separate properties. The things that we are bringing to the table here are not in any way leveraging the two.
"We believe the regulatory process will move quickly and smoothly, but will take the time they need and this deal will get done."
Wilm said Liberty would be filing with the EU, UK, Brazil and Australia for anti-trust clearance and making FDI (Foreign Direct Investment) filings in Spain and Italy.
"We think those should be done pretty quickly and that the anti-trust clearance should be obtained by the end of the year so we can have a Q4 closing," she added.
The takeover could attract regulatory scrutiny. CVC Capital Partners, who sold Formula One to Liberty in 2017, were cleared by the European Commission to buy F1 in 2006 on condition they sold Dorna.
