In December 2016, Liberty Media received the required approvals from antitrust authorities for the deal to go ahead in connection with the $8.0 billion acquisition. Liberty Media shareholders agreed to proposals related to the takeover and a change of name to the Formula One Group on January 17, 2017. Formula One’s governing body, the FIA, unanimously approved the sale of the sport's commercial rights to Liberty Media in Geneva on January 18, 2017.
Liberty Media, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.
"We were pleased to work again with our long-standing client Liberty Media on this transaction. We worked in close partnership with the Liberty Media legal team on the successful closure of this complex deal, which we think truly exemplifies the firm’s collective ability to handle sophisticated, multijurisdictional transactions," said Renee Wilm, Chair of the New York Corporate Department and a partner in Baker Botts' New York office.
"This Liberty Media transaction highlights Baker Botts’ reputation as one of the leading TMT law firms in the world," said Derek Jones, Chair of the London Corporate Department and the lead London based Corporate Partner on the transaction.
"I am pleased we secured prompt merger clearances from the multiple competition authorities where the transaction was filed, allowing Liberty Media to successfully conclude this Formula One deal. We have become a go to firm when clients are working on complex and challenging antitrust issues in Europe and around the world," said Catriona Hatton, Partner in Charge of the firm's Brussels office and Co-Chair of the firm's Global Antitrust and Competition Law Practice.
The Baker Botts team representing Liberty Media included: Derek Jones (London, Corporate), Renee Wilm and Buzz McGrath (New York, Corporate), Tamar Stanley (Washington, Tax), Rob Fowler (Houston, Tax), Catriona Hatton, Paul Lugard and David Cardwell (Brussels, Antitrust) and Stephen Weissman and Paul Cuomo (Washington, Antitrust) and Sheena McCaffrey (London, Litigation).
Liberty Media's in house team included Richard Baer, Chief Legal Officer, and Craig Troyer, Deputy General Counsel.
For more information, please see Liberty Media’s news release.
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