CYVN Holdings, an Abu Dhabi-based investment company, has finalized a deal to acquire 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 gives CYVN a non-controlling stake in McLaren’s racing business. The two parties are reported to have signed the deal on November 9. The statement said the acquisition will enable CYVN to “redefine high-performance travel.” 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 more funds, advanced engineering expertise and technology, especially in the field of electric vehicles.
Founded in 1963 by racing driver Bruce McLaren, McLaren is one of the most famous British sports car brands. McLaren has struggled to return to profitability after the pandemic and has been seeking new investments to develop electric drivetrains and expand its sales by entering the SUV market.
McLaren had to seek funding from investors several times before and sold part of its classic car collection to Mumtalakat in 2022. Mumtalakat has been seeking to bring in more investors to McLaren after restructuring its equity structure earlier this year to simplify the investment process.
CYVN is expanding its investments in the automotive sector. Last year, the company invested $2.2 billion in Chinese electric car maker NIO and acquired a 20% stake in NIO through the deal.
CYVN has also acquired the electric car division of sports car specialist Gordon Murray Design and Forseven, a British electric car startup led by former Jaguar Land Rover chief engineer Nick Collins.