June 22, (THEWILL) – Bahrain’s state investment fund, Mumtalakat, announced on Thursday, its acquisition of senior preference shareholder stakes in McLaren Group, as part of a proposed broader restructuring.
This move will further increase Mumtalakat’s majority ownership in McLaren, which includes the renowned British supercar manufacturer and McLaren Racing. The details of the acquisition indicate that Bahrain’s sovereign wealth fund purchased shares and warrants worth £400 million from Saudi Arabia’s Public Investment Fund (PIF) and Ares Management (ARES.N).
In a statement, Mumtalakat noted its belief that the proposed restructuring, currently undergoing shareholder discussions, will enable the achievement of McLaren’s long-term objectives. The fund considers this restructuring as the most effective governance structure to deliver McLaren’s Future of Performance strategy, even if the transaction will not involve any infusion of new capital into McLaren.
In 2022, Ares Management and Saudi Arabia’s PIF played a significant role in a £550 million equity investment in McLaren. Notably, Mumtalakat’s CEO, Khalid Al Rumaihi, had previously revealed that he expected McLaren to go public within the next two to three years when he spoke of their vision in June 2022.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
