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CYVN Holdings, an investment vehicle based in Abu Dhabi, is set to acquire full ownership of McLaren’s automotive business as part of a non-binding agreement signed with Bahrain’s sovereign wealth fund Mumtalakat Holding Company.
The Abu Dhabi company will also acquire a non-controlling stake in McLaren Group, the two companies said in a statement on Tuesday. The total value of the deal was not disclosed.
The new investment by CYVN “would bring access to additional capital, advanced engineering expertise and pioneering technology, particularly in the field of electric vehicles,” to McLaren, the companies said.
CYVN’s “highly specialised team and existing strategic investments in Nio, Forseven and Gordon Murray Technologies also bring potential synergies to complement and enhance McLaren’s product strategy”.
The Abu Dhabi company aims to create a smart mobility platform by investing in and partnering with industry leaders around the world.
In December, Chinese electric car maker Nio signed an agreement for an investment of $2.2 billion from CYVN Holdings to take the Abu Dhabi’s company shareholding to 20.1 per cent of Nio’s total issued and outstanding shares, following an investment of $1 billion in July.
CYVN is also backing the UK-based EV start-up Forseven.
Founded in 1963 by New Zealand racing driver and motorsports entrepreneur Bruce McLaren, the McLaren Group produces sports cars, with headquarters in the UK.
The company has reported lower losses of £54.1 million ($70.1 million) for the first half of 2024, compared to £140 million for the same period last year as revenue grew during the period.
“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 statement said.
Bahrain’s Mumtalakat holds stakes in over 50 commercial enterprises with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecoms, real estate, logistics, consumer products, healthcare and education. It took full ownership of the McLaren Group in March.