LONDON — Global private equity firm CVC Capital Partners has paid £365 million ($509 million) for a 14.3% stake in the Six Nations, an annual men's rugby tournament in Europe.

The announcement Thursday follows similar investments by the firm involving British and Irish domestic teams, the Gallagher Premiership and Guinness Pro14. It brings CVC's total investment in professional rugby union to more than £700 million.

The new deal, which has taken 18 months to finalize, sees each of the rugby union nations involved — England, Ireland, Scotland, Wales, France and Italy — selling a share of their commercial revenue to CVC.

It's also bought the rights to the Autumn Nations Cup, a new competition that failed to fully materialize last year due to Covid-19. It will include European nations and the big Southern Hemisphere rugby nations, such as Australia and New Zealand. This should provide a big increase in earnings for CVC.

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