Bahrain’s state investment fund Mumtalakat has announced the acquisition of a stake in McLaren Group, the British company that includes the supercar maker and the Formula One racing tram. The deal is part of proposed broader restructuring that aims to achieve the group’s long-term objectives.
Mumtalakat said it has bought the senior preference shareholder stakes in McLaren Group from Saudi Arabia’s Public Investment Fund (PIF) and Ares Management, a global investment firm. The transaction will not lead to any new money being injected into McLaren, according to a report by Sky News.
The value and size of the deal were not disclosed, but Sky News reported that Mumtalakat bought shares and warrants worth 400 million pounds ($510 million) in McLaren from PIF and Ares Management. The move will expand Mumtalakat’s majority stake in McLaren, which it has held since 2007.
Mumtalakat views the restructuring “as the optimal governance structure to deliver McLaren’s Future of Performance strategy”, it said in a statement. The strategy involves investing in electrification, lightweight materials, and digital technologies to enhance the performance and sustainability of McLaren’s products.
Mumtalakat’s chief executive Khalid Al Rumaihi told Reuters in June last year that he expected McLaren to go public in two to three years. McLaren Group reported a revenue of 860 million pounds ($1.1 billion) and an operating loss of 71 million pounds ($90 million) for 2021.