UAE-based CYVN Holdings buys McLaren, acquires automotive business

CYVN Holdings will also acquire a non-controlling stake in McLaren's racing business

Published: Mon 9 Dec 2024, 4:16 PM

Updated: Fri 13 Dec 2024, 9:35 AM

By
Web Desk

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(c) (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain.

The acquisition follows an announcement of a potential partnership between Mumtalakat and CYVN Holdings in October of this year.

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Through this acquisition, CYVN is set to empower McLaren with access to engineering and design capabilities, leading-edge technology, and experienced leadership to propel McLaren’s trajectory.

Completion of the transaction remains subject to customary closing conditions and obtaining regulatory approvals.

The signing of the agreement was witnessed by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain.

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