Abu Dhabi company to acquire McLaren automotive business
The Abu Dhabi-based CYVN Holdings LLC will buy McLaren’s car business and an interest in McLaren’s racing business, which is not part of the McLaren group of companies.
This is pursuant to a deal made between CYVN, an advanced mobility operator and Abu Dhabi-based investment vehicle, and Bahrain Mumtalakat Holding Company BSC(c) ("Mumtalakat"), the sovereign wealth fund of the Kingdom of Bahrain.
The acquisition comes after the possibility of a collaboration between Mumtalakat and CYVN Holdings was announced in October this year.
In completing this deal, CYVN will also equip McLaren with the engineering and design capabilities, technology expertise and experience to help drive McLaren forward. The transaction is still subject to usual closing adjustments and regulatory clearances.
Signing of the agreement was 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, Crown Prince and Prime Minister of Bahrain.
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