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Formula One governing body approves Liberty Media deal

Liberty Media Corp. received the required consents and approvals from the governing body of Formula One, Fédération Internationale de l'Automobile, or FIA, for its pending acquisition of Formula 1.

Following the approvals, all closing conditions related to the FIA are now satisfied. Liberty Media stockholders recently approved two proposals related to the deal, which has already received antitrust approvals.

Liberty Media in September 2016 agreed to acquire motor-racing company Formula One in a deal with an equity value of $4.4 billion. Liberty Media first acquired an 18.7% stake in the motor-racing company for $746 million in cash, with a follow-on investment of 0.4% for about $13 million in cash, thereby increasing its stake to about 19.1% on a fully diluted basis. Liberty Media also secured $1.55 billion from third-party investors in support of the deal.

The deal is expected to close in January.