Abu Dhabi Investment Firm CYVN Holdings Acquires McLaren's Supercar Business, Accelerates Electric Vehicle Sector Layout
On December 15th, Abu Dhabi-based investment firm CYVN Holdings has finalized a transaction to acquire McLaren's supercar business from the Bahrain sovereign wealth fund Mumtalakat Holding.
The Abu Dhabi government stated in a declaration that the transaction also granted CYVN non-controlling stakes in McLaren's racing business. The two parties signed the deal on November 9th. The declaration highlighted that this acquisition will enable CYVN to "redefine high-performance mobility".
In a statement, CYVN indicated that the deal would provide McLaren Automotive with additional funding, advanced engineering expertise, and technology, particularly in the electric vehicle sector. However, neither party has disclosed the scale of the investment involved in the transaction.
Founded in 1963 by race car driver Bruce McLaren, McLaren is renowned for using Formula One racing engineering and technology to develop road cars. In recent years, McLaren has been seeking new investments to develop electric powertrains and expand its sales by entering the SUV market.
