British luxury car maker McClaren has been sold by Bahrain’s sovereign wealth fund to the United Arab Emirates (UAE) government.
The deal was announced by sovereign wealth fund Bahrain Mumtalakat Holding Company and Abu-Dhabi based investment fund CYVN Holdings Holdings.
CYVN will acquire McLaren Automotive's automotive business and a non-controlling stake in McLaren’s racing business for an estimated 1.2 billion British pounds (A$2.3 billion), according to media reports.
“The deal is set to drive McLaren’s growth trajectory and accelerate progress in the advanced mobility sector,” they said in in a joint statement.
“Through this acquisition, CYVN is set to empower McLaren to reach its full potential via access to engineering and design capabilities, leading-edge technology, and experienced leadership to propel McLaren’s trajectory.”
In April, Mumtalakat acquired full ownership of the McLaren group, which includes the British supercar maker and Formula One (F1) team McLaren Racing, from founders Ron Dennis and Mansour Ojjeh.
Established in 2010 as a stand-alone company, McLaren Automotive specialises in high-performance sports cars and supercars and traces its roots back to the F1 founded in 1963 by New Zealand driver and engineer Bruce McLaren.
McLaren won its first FIA Formula 1 Constructors' World Championship in 26 years when British driver Lando Norris won the Abu Dhabi Grand Prix in early December.