Abu Dhabi-based CYVN Holdings has reached an agreement to buy McLaren Automotive, with the promise of fresh cash for the British sports car manufacturer.
Bahrain’s sovereign wealth fund Mumtalakat, which took full ownership of McLaren Group (the parent company of the car firm and McLaren Racing) in April, confirmed that a binding agreement had been reached. The deal also includes a non-controlling stake in the comprehensive McLaren Group for CYVN Holdings.
The potential deal between the Abu Dhabi government-owned investor and the manufacturer was first announced in October of this year, and the agreement was reached on December 8. It now awaits regulatory approvals. Once the deal goes through, CYVN Holdings and McLaren believe the new partnership will “empower McLaren to reach its full potential through access to engineering and design capabilities, cutting-edge technology, and experienced leadership.”
Autojosh.com is an authoritative car blog in Nigeria.
Its objective is to get Nigerians and a wider audience to be more informed about automobiles, the automotive sector and transport infrastructure.
Over the years, we have been instrumental in creating immeasurable public awareness about automobiles and their maintenance, safety and traffic laws, amongst others.
…Your mobility, our priority.
EH
