Waddell & Reed invests another $500 million in Formula One

CVC Capital Partners has sold another $500 million stake in Formula One to US-based Waddell Reed Investment Management Company, according to a brief statement published on CVC’s website late Friday.

The sale comes a couple of weeks after Formula One decided to hold off on launching the institutional bookbuilding for its Singapore IPO due to the poor market environment. The deal had been expected to raise between $2.5 billion and $3 billion, and bankers had been doing investor education for the deal for two weeks by the time it was put on hold.

This latest sale of a stake by Formula One’s controlling shareholder also...