Canada Pension Plan Investment Board (CPP Investments) has agreed to sell its 39 percent stake in Dorna Sports to Liberty Media Corp. in a deal valued at $1.9 billion.

Dorna Sports is the Spanish company that holds the rights to MotoGP, the world’s biggest motorcycle racing league.

CPP Investments will receive 75 percent of the proceeds in cash, with the rest in Series C Liberty Formula One tracking stock.

Latham & Watkins is serving as legal counsel to CPP Investments and Bridgepoint with a team led by London corporate partner David Walker, and associates Michael Houlder and Oscar Phillipson. O’Melveny & Myers, led by C. Brophy Christensen, is advising Liberty Media.

The deal is expected to be completed by the end of 2024, subject to customary conditions and regulatory approvals.