Source: Gasgoo
ABU Dhabi-based investment firm CYVN Holdings has finalized a deal to buy McLaren’s sports car business from Bahrain’s sovereign wealth fund Mumtalakat Holding.
The ABU Dhabi government said in a statement that the deal also gave CYVN a non-controlling stake in McLaren’s racing business. It is reported that the two sides have signed the deal on November 9. According to the statement, the acquisition will enable CYVN to “redefine high-performance mobility.” CYVN did not disclose the size of its investment in McLaren.
CYVN said in a statement that the deal will give McLaren Automotive access to additional capital, advanced engineering expertise and technology, particularly in the field of electric vehicles.
Image Source: McLaren
McLaren was founded by racing driver Bruce McLaren in 1963 and is one of the most famous British sports car brands. After the pandemic, McLaren has struggled to return to profitability and has been seeking new investment to develop electric powertrains and expand its sales by entering the SUV market.
Previously, McLaren had to seek funding from investors multiple times, and in 2022, it sold part of its classic car collection to Mumtalakat. After reorganizing its equity structure earlier this year to simplify the investment process, Mumtalakat has been seeking to introduce more investors to McLaren.
CYVN is expanding its investments in the automotive sector. Last year, the company invested $2.2 billion in Chinese electric vehicle manufacturer NIO and acquired a 20% stake in the company through the transaction.
CYVN also acquired the electric vehicle division of Gordon Murray Design, a specialized sports car company, and Forseven, a British electric vehicle start-up led by former Jaguar Land Rover chief engineer Nick Collins.
