Abu Dhabi’s CYVN Holding has acquired McLaren Automative along with non-controlling stake in McLaren Racing in a fresh deal.
McLaren Racing welcomes the news that earlier today, Bahrain Mumtalakat Holding Company, McLaren’s parent company, and CYVN Holdings, an investment vehicle based in Abu Dhabi, have completed CYVN’s acquisition of McLaren Automotive as well as the acquisition of a non-controlling stake in McLaren Racing.
Operations at the company will remain unchanged and continue to operate completely independently from the McLaren Automotive business. Mumtalakat Holdings therefore remains as a major shareholder, Paul Walsh will continue as Executive Chairman and Zak Brown as Chief Executive of McLaren Racing.
Paul Walsh, Executive Chairman, said: “We welcome the news of the deal completion. The investment will no doubt accelerate the next chapter in McLaren Automotive’s growth, provide long-term stability and help future-proof the business. We are excited about the possibility to collaborate even more closely with our colleagues at Automotive as well as our shareholders going forward to fully capitalise on opportunities for growth and global expansion of the McLaren brand.”
Zak Brown, CEO, McLaren Racing, said: “McLaren Racing has been on an incredible growth trajectory over the past few years as we made our way back to the front of the grid, where this storied team belongs. We’re in rude health and incredibly excited about the future – our sport has never been in a better place. The completion of the deal and investment in the wider business will allow us to continue on that growth path going forward.”
CYVN has consolidated its UK investments under a newly created entity, McLaren Group Holdings, which will be led by newly appointed Chief Executive, Nick Collins.
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[The story is as per press release]
