Abu Dhabi government-owned investor CYVN Holdings has acquired McLaren’s automotive business and a non-controlling stake in its racing business from Bahrain’s sovereign wealth fund Mumtalakat.
A potential partnership between Mumtalakat and CYVN Holdings was first announced in October, and while the agreement has been signed, completion of the transaction remains subject to customary closing conditions and obtaining regulatory approvals.
The acquisition “is set to empower McLaren to reach its full potential via access to engineering and design capabilities, leading-edge technology, and experienced leadership to propel McLaren’s trajectory.
“This acquisition marks a defining moment in CYVN’s vision to build a leading, globally connected mobility platform and underscores Abu Dhabi’s growing role as a global centre of excellence for innovation in advanced mobility,” CYVN Holdings chairman His Excellency Jassem Mohammed Bu Ataba Al Zaabi said.
“By combining McLaren’s iconic heritage and expertise with CYVN’s advanced engineering and technology capabilities, we aim to redefine high-performance mobility and set a new benchmark for excellence,” he added.
“This agreement marks a pivotal moment in Mumtalakat’s strategic vision for the transformation of McLaren Group, which has included its recent reorganisation that opened doors for new strategic avenues and partnership opportunities,” said Bahrain finance and national economy minister and Mumtalakat chairman of the board of directors His Excellency Shaikh Salman bin Khalifa Al Khalifa.
“We are confident in CYVN’s ability to build on McLaren’s strong legacy and unlock its full potential with Mumtalakat continuing to play a strategic role in McLaren having the ability to benefit from future growth. With CYVN’s advanced engineering capabilities and forward-looking vision, we believe they are the perfect partner to drive the next phase of McLaren’s growth and evolution,” he added.
The announcement is timely, given that the Formula 1 team secured victory at the 2024 Abu Dhabi Grand Prix through Lando Norris, helping it bag the constructors’ championship – its first since 1998. It’s also the first title Woking has won since Lewis Hamilton’s maiden drivers’ championship in 2008.
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So what we have Geli Proton
good work CYVN Holdings. imagine if a Chinse investor bought it? they will change it to a useless small cheap SUV with useless LFP batteries made by Alibaba!!!1. we see what they did to MG and LOTUS.!!!!
RIP all British car brands