PRIVATE equity firm CVC Capital Partners has hired UBS and Goldman Sachs to lead an expected $2bn (£1.26bn) initial public offering of motor racing business Formula One in Singapore, sources with direct knowledge of the matter said yesterday.
Goldman’s role as joint global coordinator and bookrunner for the IPO, which is expected in July, was widely anticipated, given the bank’s early work on the process.
For UBS, which will have the same responsibilities, top status on the deal is a major boost for its south east Asia operation.
Several big investment banks are competing for a role in the IPO – for the prestige of being part of a high-profile deal and for the tens of millions of dollars in fees it will produce. Joint global coordinator is the top role in any IPO.
Bank of America Merrill Lynch, Morgan Stanley and Deutsche Bank were also invited to take part in a pitching process conducted in Singapore last week, sources said.
Those banks did not immediately comment on the deal. Like any major stock offering in its early stages, the final list of banks involved has yet to be determined.