12:39 pm, October 31, 2024
Supercar maker and F1 team McLaren looks set to change hands again, with CYVN Holdings, an equity investor owned by the Abu Dhabi government, proposing a 100% takeover of the Automotive side of the business.
The deal would see CYVN take full control of the automotive business and a non-controlling stake in the McLaren Group.
McLaren Automotive looks after both Formula One and the car manufacturing side of the business, and is currently owned by Mumtalakat Holding Company, Bahrain’s sovereign wealth fund.
Mumtalakat took control of McLaren earlier this year having become an investor in 2007, steadily increasing its investment to acquire the business from founders Ron Dennis and Mansour Ojjeh.
It has been reported since the March takeover that Mumtalakat has been seeking external investment in the British carmaker.
‘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,’ said the companies in a joint statement on Tuesday (Oct 30).
‘The 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.’
