CYVN reached a non-binding agreement to acquire 100 percent of McLaren's automotive business from Bahrain's sovereign wealth fund Mumtalakat.
CYVN Holdings, the largest shareholder in Nio (NYSE: NIO) and an Abu Dhabi government fund, will acquire the automotive business of sports car maker McLaren, further expanding its presence in the automotive industry.
Bahrain's sovereign wealth fund Bahrain Mumtalakat Holding Company announced yesterday that it and CYVN 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 allow CYVN Holdings to acquire full ownership of McLaren's automotive business in addition to a non-controlling stake in McLaren Group, according to the statement.
The investment by CYVN would bring access to additional capital, advanced engineering expertise and pioneering technology, particularly in the field of electric vehicles (EVs), the statement said.
“It would also allow McLaren to benefit from the broad cross-industry experience of CYVN Holdings' team, building on CYVN Holdings' previous strategic investments in NIO Inc, Forseven and Gordon Murray Technologies,” the statement reads.
The partnership will build on McLaren's success in elite motorsports, developing one of the world's most prestigious ranges of high-performance cars and an expanding network of more than 110 retailers in 30 global regions, Mumtalakat said.
CYVN is an Abu Dhabi government-owned growth equity investor focused on the future of mobility, according to its website.
“We invest and partner with leaders globally to support innovators and expanding businesses in the mobility sector,” CYVN's website profile reads.
The Middle Eastern investor completed two investments totaling $3.3 billion in Nio in 2023, making it the largest shareholder in the Chinese EV maker, with a stake of about 20.1 percent.
These two investments have made CYVN well known to the Nio community and the Chinese automotive industry.
On October 5, Nio announced the formation of Nio MENA with CYVN, a partnership that marks Nio's entry into the Middle East and North Africa (MENA) market.
Founded in 1963 by racing driver Bruce McLaren, McLaren is one of the most recognized British sports car brands.
Mumtalakat has been an investor in McLaren since 2007, when it bought a 30 percent stake.
In April this year, McLaren said Mumtalakat had fully acquired the group, which includes the British supercar maker and Formula One team McLaren Racing.
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