Control of the automotive arm of McLaren Group could be set to shift from Bahrain to Abu Dhabi after CYVN Holdings entered into a non-binding agreement with Mumtalakat.
A deal would see CYVN, an equity investor owned by the Abu Dhabi government, take full control of the automotive business and a non-controlling stake in the McLaren Group.
Mumtalakat Holding Company, Bahrain’s sovereign wealth fund, took full control of McLaren earlier this year having initially become an investor in 2007 after purchasing a stake from founders Ron Dennis and Mansour Ojjeh and then steadily increasing its investment over time.
It has been reported since the March takeover that Mumtalakat has been seeking external investment in the luxury British carmaker, which also operates the McLaren Formula 1 team currently sitting top of the constructors’ championship.
"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,” a press release published on Tuesday read.
“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.”
