CYVN Holdings to Acquire McLaren's Automotive Business

DUBAI (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.