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Abu Dhabi’s CYVN Holdings is going ahead with the takeover of British supercar maker McLaren’s automotive business.
The UAE capital’s investment firm signed on Monday a strategic partnership agreement with Bahrain’s sovereign wealth fund Mumtalakat to acquire the company’s automotive business, as well as a non-controlling stake in McLaren’s racing unit.
“This acquisition marks a defining moment in CYVN’s vision to build a leading, globally connected mobility platform,” said Jassem Mohammed Bu Ataba Al Zaabi, Chairman of CYVN Holdings.
Mumtalakat, a long-time investor in McLaren, raised its ownership stake in the British car maker to 100% early this year.
CYVN has plans to establish a smart mobility platform by investing in “global industry leaders”. Last year, CYVN pledged a $2.2 billion equity investment in Chinese electric-car maker Nio.
The completion of the deal is still subject to regulatory approvals and other conditions.
(Writing by Cleofe Maceda; editing by Seban Scaria)
