McLaren Group’s automotive sector is set for new investment from an equity firm owned by the Abu Dhabi government.
CYVN Holdings, the firm in question, has entered into a non-binding agreement with Mumtalakat, the sovereign wealth fund of Bahrain, with any deal agreed seeing it take 100 per cent control of the automotive side and gain a non-controlling stake McLaren Group, which also oversees the operations of its Formula 1, IndyCar and FIA Formula E teams.
Mumtalakat has been in full control of McLaren since March this year, having been a longstanding investor, obtaining an interest in the company as far back as 2007, buying a stake from the Group’s founders, Ron Dennis and Mansour Ojjeh
A press release read: “Bahrain Mumtalakat Holding Company BSC(c) “Mumtalakat”, the sovereign wealth fund of the Kingdom of Bahrain, and CYVN Holdings LLC “CYVN Holdings”, an investment vehicle based in Abu Dhabi which invests in smart and advanced mobility solutions, announced today that they have entered into a non-binding agreement to explore a potential partnership to accelerate the next chapter of McLaren’s growth.”
“The potential partnership would see CYVN Holdings acquire full ownership of McLaren’s automotive business in addition to a non-controlling stake in McLaren Group.
“This transformative investment by CYVN Holdings would bring access to additional capital, advanced engineering expertise and pioneering technology, particularly in the field of electric vehicles. CYVN Holdings’ cross-industry experience, highly specialiSed team and existing strategic investments in NIO Inc., Forseven and Gordon Murray Technologies also bring potential synergies to complement and enhance McLaren’s product strategy.
“This partnership would look to build on McLaren’s highly successful track record in elite motorsport and grow one of the world’s most prestigious range of high-performance vehicles, with an expanding network of over 110 retailers in 30 global regions.
“The deal would also align with Mumtalakat’s strategy to optimise, enhance and grow its portfolio, to deliver sustainable long-term financial returns.”
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