April 16, 2012 / 10:58 AM / 6 years ago

UBS joins Goldman in role for Formula One IPO: sources

SINGAPORE (Reuters) - Private equity firm CVC Capital Partners has hired UBS UBSN.VX and Goldman Sachs (GS.N) as joint global coordinators and bookrunners for Formula One’s roughly $2 billion initial public offering in Singapore expected in July, sources with direct knowledge of the deal said on Monday.

Goldman’s role in the deal was expected, given the bank’s early work on the process, while for UBS, the top status on the IPO is a major boost for its Southeast Asia operation.

Several top investment banks are competing for a role in the offering, both for prestige in being part of such a high profile transaction, and for the tens of millions of dollars in fees the deal will produce.

Like any major stock offering in its early stages, the final list of banks involved has yet to be determined. CVC, Goldman Sachs and UBS declined to comment.

Reporting by Saeed Azhar and Daniel Stanton; Additional reporting by Keith Weir in London; Editing by Michael Flaherty and Kim Coghill

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