Soroban Capital Partners LP Affiliates Purchase $300 Million of Liberty Media Corporation Common StockDecember 13, 2016
Two affiliates of S&C client Soroban Capital Partners LP entered into an investment agreement with Liberty Media Corporation to purchase an aggregate of $300 million in newly issued shares of Series C Liberty Media common stock at $25 per share. The proceeds from Soroban Capital Partner's investment, as well as those from other investors pursuant to agreements entered into simultaneously, will be used to increase the cash portion of the consideration payable by Liberty Media to the selling shareholders in Liberty Media's pending acquisition of Formula 1, the global motorsports business, announced on September 7. The investment is expected to close in the first quarter of 2017, concurrently with the closing of the Formula 1 acquisition.
Soroban Capital Partners is a New York-based hedge fund that focuses on long short equity investments in public companies across the globe.
Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses, which are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Braves Group and the Liberty Media Group. Liberty Media's interest in Formula 1 will be attributed to the Liberty Media Group.
The S&C team advising Soroban Capital Partners on the transaction was led by Krishna Veeraraghavan and Ari Blaut, along with Alina Iarve.