Deal Description: On June 23, 2025, the European Commission granted unconditional approval for Liberty Media Corporation to complete its acquisition of Dorna Sports, S.L., the exclusive commercial rights holder of the MotoGP™ World Championship. The transaction enables Liberty Media to acquire an 84% equity interest in Dorna, at an enterprise valuation of approximately €4.3 billion, with Dorna’s management retaining the remaining 16%. The Commission’s approval represents the final regulatory condition, with closing expected by no later than July 3, 2025.

The approval follows a Phase II investigation and represents one of only a handful of cases in the last decade to receive unconditional clearance at this stage. The Commission’s decision reflects a pivotal shift in definition of the relevant product market, recognizing the evolution of the market since the Commission’s 2006 precedent involving the same assets, which resulted at that time in the abandonment of the combination of Formula 1 and MotoGP™. Today’s decision recognizes that Liberty Media’s Formula 1 business and Dorna’s MotoGP™ offering compete within a broader sports landscape.

Baker Botts advised Liberty Media on antitrust matters through a cross-border team in Brussels and Washington, D.C.

The Baker Botts team was led by Catriona Hatton and David Cardwell (Partners, Brussels) and Paul Cuomo (Partner, Washington, D.C.) and included Sofia Doudountsaki (Counsel Brussels), Margot Vogels and Louis Delvaux (Associates, Brussels), Matt Adler (Partner, Washington, D.C.), Drew Lucarelli (Special Counsel, Washington, D.C.) and Wyatt Carlock (Associate, Washington, D.C.).

Liberty Media’s press release can be found here.

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