Liberty Media’s takeover of Formula One is nearing the closing stages, as the company shareholders voted to proceed with the acquisition. The deal is still awaiting approval by the FIA, which is believed to be coming on Wednesday.
Liberty Media shareholders voted on the proposals related to the purchase of Formula One in Colorado. The company plans to acquire 19.1% of the sport, having raised $1.55 billion from third party investors to help fund the transaction worth an estimated $8 billion.
The company approved two proposals, one of which was to allow the company to issue chares of the Series C Liberty Media common stock in connection with the acquisition of Formula One. The other was to change the name of Media Group to Formula One Group and Liberty Media Common Stock to Liberty Formula One Common Stock.
The confirmation from the company was released after the stock markets had closed, so it is unknown how the news will impact the value of the stock. However, Tuesday saw the Series C Liberty Media common stock (LMCK) drop just over 5%.
The purchase of Formula One is expected to close before the end of March, which will be the end of the first 2017 quarter. However, the deal still requires approval by the FIA. The organization is expected to approve the purchase this week following their meeting on Wednesday.
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