According to foreign media reports, Cyvn Holdings, an investment company headquartered in Abu Dhabi, has finalized a transaction to acquire McLaren’s sports car business in the hands of the Barin Mumtalakat Holding.
The Abu Dhabi government stated in a statement that the transaction also enabled Cyvn to obtain non -controlling shares of the McLaren Racing business. It is reported that the two sides have signed the transaction on November 9. The statement states that the acquisition will enable Cyvn to “redefine high -performance travel.” Cyvn did not disclose the investment scale of McLaren.
CyvN said in a statement that the transaction will allow McLaren Motor to gain more funds and advanced engineering knowledge and technologies, especially in the field of electric vehicles.
McLaren was founded by the racer Bruce McLaren in 1963 and is one of the most famous sports car brands in the UK. After the epidemic is popular, McLaren has always been difficult to restore profitability and has been seeking new investment to develop the electric drive system and expand its sales through the SUV market.
Earlier, McLaren had to seek funds from investors many times, and sold some classic cars to Mumtalakat in 2022. After reorganizing McLaren’s equity structure earlier this year to simplify the investment process, Mumtalakat has been seeking to introduce more investors for McLaren.
Cyvn is expanding its investment in the automotive field. Last year, the company invested US $ 2.2 billion to China electric vehicle manufacturer Weilai, and obtained 20%of Weilai’s shares through the transaction.
Cyvn also acquired the electric vehicle department of professional sports car companies Gordon Murray Design, and Forseven, a British electric car startup led by former Jaguar Land Rover engineer Nick Collins.