** Liberty Media's F1 tracking stock FWONK.O down 2.5% at $77.82 on Weds after equity raise to fund takeover of MotoGP
** Co early Weds announced pricing offering of 10.65 mln shares of Series C Liberty Formula One common stock at $77.50 for $825.4 mln gross raise with Goldman Sachs as sole underwriter
** Offering price represents 2.9% discount to FWONK close of $79.83 on Tues
** Liberty Media to use offering proceeds to fund previously announced acquisition of Dorna Sports, parent of the world’s leading motorcycle racing championship
** In Apr, co disclosed it would buy Dorna from British PE firm Bridgepoint Group and Canada Pension Plan Investment Board in deal valued at $4.2 bln euros, or ~$4.5 bln
** FWONK shares closed at $65.60 a day before the acquisition was revealed
** Liberty Media has two other Nasdaq-listed tracking stocks: Liberty SiriusXM Group, representing its interest in SiriusXM SIRI.O, and Liberty Live Group, its interest in Live Nation Entertainment LYV.N and other minority investments
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))