European Commission clears Liberty Media's acquisition of MotoGP; closing by July 3, 2025

Liberty Media Corp

Unconditional approval from European Commission is final condition; transaction closes no later than July 3, 2025.
Enterprise value of Dorna estimated at €4.3B; equity value €3.7B; Liberty acquires 84%, management retains 16%.
Purchase price paid in cash; includes $1B committed term loan at Formula 1; F1 pro forma net leverage under 3.5x.
Dorna management (CEO Carmelo Ezpeleta) stays; Chase Carey and Sean Bratches join Dorna board.
Formula One Group tracking stock will include F1, MotoGP, and Quint after close.

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