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Proudly Emirati Car!! British supercar manufacturer McLaren has been acquired by CYVN Holdings, a subsidiary of Abu Dhabi’s trillion-dollar sovereign wealth fund. The acquisition marks a significant shift for McLaren, which has been striving to develop its first electric supercar and adapt to the evolving automotive landscape. Previously owned by Bahrain’s state-backed Mumtalakat Holding Company, McLaren’s automotive business will now be controlled by CYVN. The agreement comes on the heels of a challenging year for McLaren, which reported record losses of £924 million in 2023, nearly three times the £349 million loss recorded in 2022. As part of the deal, Mumtalakat will retain control of McLaren’s racing division, while CYVN will hold a minority stake in the overall business. The transaction reflects the growing interest of Gulf investors in high-performance automotive brands and McLaren's ambitions to secure a foothold in the electric vehicle market. #amconews #uae #maclaren #maclaren720s #MaclanRacing

McLaren Automotive, the renowned British sports car manufacturer, has been acquired by CYVN Holdings, an Abu Dhabi-based investment fund owned by the UAE government. The deal, estimated at £1.2 billion ($2.3 billion AUD), was confirmed by McLaren’s previous owner, Bahrain’s Mumtalakat, which had steadily increased its investment in the company since 2007. The acquisition includes McLaren’s automotive division and a non-controlling stake in its racing business. CYVN Holdings, known for its expertise in advanced mobility, also holds significant stakes in companies like Chinese EV manufacturer Nio and Gordon Murray Technologies, famed for designing high-performance road cars and Formula 1 racing vehicles. This move raises questions about McLaren’s future operations, including whether production will remain in England or shift to the UAE. CYVN has stated its intent to leverage McLaren’s heritage and engineering capabilities to redefine high-performance mobility. For more updates follow @gazettenowofficial or visit www.gazettenow.com #mclaren #uae #gazettenow #trendingnow

Abu Dhabi company to acquire McLaren automotive business. Abu Dhabi-based CYVN Holdings LLC will acquire McLaren’s automotive business and a non-controlling stake in McLaren’s racing business. This comes under an agreement signed between CYVN, an advanced mobility operator and investment vehicle based in Abu Dhabi, and Bahrain Mumtalakat Holding Company BSC “Mumtalakat”, the sovereign wealth fund of the Kingdom of Bahrain. Source: Khaleej Times.

"The McLaren Group has entered into a definitive binding agreement with CYVN Holdings (CVYN), an advanced mobility operator and investment entity based in Abu Dhabi, and Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain. The agreement, which will see CYVN acquire McLaren’s automotive business, alongside a non-controlling stake in McLaren’s racing division, is expected to propel McLaren’s growth trajectory, particularly in the rapidly evolving advanced mobility sector. However, the transaction remains subject to customary closing conditions and regulatory approvals." McLaren Group #CVYNHoldings #AbuDhabi #UAE #Mumtalakat #Bahrain

Abu Dhabi-backed CYVN Holdings has entered a non-binding agreement with Bahrain's Mumtalakat Holding to acquire a stake in British carmaker McLaren Group, potentially leading to control over its automotive division. This partnership is designed to inject McLaren with vital capital and advanced engineering expertise, particularly in electric vehicle (EV) technology, to enhance its lineup of high-performance vehicles and expand its global retail presence. By leveraging Bahrain Mumtalakat Holding Company ("Mumtalakat") 's full ownership of McLaren and CYVN Holdings' earlier USD 2.2 billion investment in Chinese EV maker Nio, the collaboration aims to strengthen McLaren's market position and accelerate EV development. Read the full article via the link: https://shorturl.at/rQTCJ

#AbuDhabi's CYVN Holdings has agreed to acquire #McLaren’s automotive business and a non-controlling stake in McLaren’s racing business after signing a strategic agreement with Bahrain's Mumtalakat. #Forbes For more details: https://lnkd.in/eG3WwbFw

Abu Dhabi-based CYVN Holdings LLC has announced plans to acquire McLaren Group’s automotive business (McLaren Automotive Ltd) and take a non-controlling stake in its racing division (McLaren Racing). This partnership, established with Bahrain Mumtalakat Holding Company ("Mumtalakat"), Bahrain’s sovereign wealth fund, promises to drive McLaren’s growth with advanced engineering, cutting-edge technology, and strategic leadership. #AbuDhabi #McLaren #AutomotiveIndustry #Motorsport #StrategicInvestment #News #Racing #Finance360

SuperCars&more! ■ Abu Dhabi's CYVN Holdings enters non-binding deal to buy McLaren's automotive business! ■ DUBAI, Oct 29 (Reuters) - Abu Dhabi-based investment vehicle CYVN Holdings has entered a non-binding agreement to buy 100% of carmaker McLaren's automotive business from Mumtalakat, the sovereign wealth fund of Bahrain, the two Gulf firms said on Tuesday. Under the potential deal, CYVN Holdings would also acquire a non-controlling stake in McLaren Group," CYVN and Mumtalakat said in a statement, without providing further details. McLaren said in April Mumtalakat had acquired full ownership of the group, which includes the British supercar maker and Formula One team McLaren Racing. "This transformative investment by CYVN Holdings would bring access to additional capital, advanced engineering expertise and pioneering technology, particularly in the field of electric vehicles," the firms said in the joint statement. #McLaren #SuperCar #Automotive

Now we know. British supercar manufacturer McLaren has been acquired by CYVN Holdings, a subsidiary of Abu Dhabi’s trillion-dollar sovereign wealth fund. The acquisition marks a significant shift for McLaren, which has been striving to develop its first electric supercar and adapt to the evolving automotive landscape. Previously owned by Bahrain’s state-backed Mumtalakat Holding Company, McLaren’s automotive business will now be controlled by CYVN. The agreement comes on the heels of a challenging year for McLaren, which reported record losses of £924 million in 2023, nearly three times the £349 million loss recorded in 2022. As part of the deal, Mumtalakat will retain control of McLaren’s racing division, while CYVN will hold a minority stake in the overall business. The transaction reflects the growing interest of Gulf investors in high-performance automotive brands and McLaren's ambitions to secure a foothold in the electric vehicle market. Credits: CTTO, megazettes

#British #supercar manufacturer McLaren Group has been acquired by CYVN Holdings, a subsidiary of Abu Dhabi’s trillion-dollar sovereign #wealth fund. The acquisition marks a significant shift for McLaren, which has been striving to develop its first electric supercar and adapt to the evolving automotive landscape. Previously owned by Bahrain’s state-backed #Mumtalakat #Holding Company, McLaren’s automotive business will now be controlled by CYVN. The agreement comes on the heels of a challenging year for McLaren, which reported record losses of £924 million in 2023, nearly three times the £349 million loss recorded in 2022. As part of the deal, Mumtalakat will retain control of McLaren’s #racing division, while CYVN will hold a minority stake in the #overall #business. The transaction reflects the growing interest of Gulf investors in high-performance automotive brands and McLaren's ambitions to secure a foothold in the electric vehicle market. #amconews #uae #maclaren #maclaren720s #MaclanRacing