Liberty Media has launched a new acquisitions company, which has raised a war chest of $575m.
Liberty Media Acquisition Corporation has now closed its IPO, which raised 57,500,000 units, priced $10 per share. The stock will be listed on the Nasdaq Stock Exchange.
LMAC said it intends to target acquisition in the media, digital media, music, entertainment, communications, telecommunications and technology industries. Its management team is led by Greg Maffei and includes other members of Liberty Media Corporation’s current management team.
As well as owning F1, Liberty Media has significant stakes in SiriusXM and Live Nation.
Citigroup, Morgan Stanley, Credit Suisse and Goldman Sachs & Co. LLC acted as joint book-running managers for the offering.