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F1 owners CVC to bid $2bn for IMG

CVC Capital Partners, part owner of Formula One motor racing, is reportedly planning a $2 billion takeover bid of media rights agency, IMG Worldwide, according to Sky News.

IMG was put up for sale earlier this year by its private equity firm owner Forstmann Little, which bought the agency in 2004 following the death of its founder Mark McCormack who built the agency up from representing athletes including golfer Arnold Palmer.

CVC gained control of Formula One’s shares in 2005 and has helped it grow into an estimated $12 billion stock market value. It also reportedly had a $1.4 billion takeover bid turned down in April by online betting exchange Betfair.

Several high-profile firms have been interested in the acquisition of IMG, with reports of the agency turning down bids as high as $2 billion from Californian private equity firm Colony Capital.