Liberty Media, the sponsor of Formula 1, announced on Monday the acquisition of Dorna in exchange for 4.2 billion euros, Reuters reported.

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Dorna is the parent company of the MotoGP Motorcycle World Championship.

“Liberty Media will acquire approximately 86% of Dorna, and Dorna’s management will retain approximately 14% of its equity.

The deal reflects an enterprise value of Dorna/MotoGP of 4.2 billion euros ($4.53 billion) and a share value of 3.5 billion euros,” MotoGP said in a statement.

“We are pleased to expand our portfolio of leading sports and entertainment assets with the acquisition of MotoGP,” said Greg Maffei, president and CEO of Liberty Media.

On the other hand, the head of Dorna says that he is delighted with this operation. “We’re excited about what this milestone will bring to Dorna, the MotoGP paddock and race fans,” Carmelo Espeleta.

According to the quoted source, the acquisition should be completed by the end of 2024.