As per a report by Sky News, Bahrain’s state investment fund Mumtalakat is exploring the possibility of purchasing preference shares and warrants valued at $510.48 million in car manufacturer McLaren from Ares Management and Saudi Arabia’s Public Investment Fund (PIF).
Read more: PIF acquires about 17 percent of Aston Martin
If the deal goes ahead, it could potentially increase Mumtalakat’s controlling interest in the McLaren group, which comprises the renowned British supercar manufacturer and McLaren Racing.
During July 2021, Ares Management, a global investment company, and Saudi Arabia’s PIF were major contributors to a $791 million equity investment in the McLaren group.
According to Reuters, in June 2022, Mumtalakat’s CEO Khalid Al Rumaihi stated his belief that McLaren would become a public company in the subsequent two to three years.
Earlier this year, in the initial phase of their broader restructuring strategy aimed at transitioning into the electric vehicle era, Mumtalakat secured a funding infusion of $89 million from investors.
Furthermore, it was revealed towards the end of 2022 that Mumtalakat had acquired a portion of McLaren’s priceless heritage car collection as part of an additional financial pledge of $127 million to the enterprise.
For more on Mumtalakat, click here.
