Abu Dhabi's CYVN to buy McLaren's automotive business
Acquisition follows potential partnership between Bahrain Mumtalakat, CYVN
Abu Dhabi: Abu Dhabi-based advanced mobility operator and investment vehicle CYVN will acquire McLaren's automotive business and a non-controlling stake in McLaren's racing business. Completion of the transaction remains subject to customary closing conditions and obtaining regulatory approvals.
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, witnessed the signing of a strategic partnership agreement between CYVN and Bahrain Mumtalakat, the sovereign wealth fund of Bahrain.
The acquisition follows an announcement of a potential partnership between Mumtalakat and CYVN Holdings in October of this year. 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.
Commenting on the announcement, Jassem Mohammed Bu Ataba Al Zaabi, Chairman of CYVN Holdings, said, "This acquisition marks a defining moment in CYVN's vision to build a leading, globally connected mobility platformand underscores Abu Dhabi's growing role as a global centre of excellence for innovation in advanced mobility. By combining McLaren's iconic heritage and expertise with CYVN's advanced engineering and technology capabilities, we aim to redefine high-performance mobility and set a new benchmark for excellence."
Shaikh Salman bin Khalifa Al Khalifa, Bahraini Minister of Finance and National Economy and Chairman of the Board of Directors of Mumtalakat, stated, "This agreement marks a pivotal moment in Mumtalakat's strategic vision for the transformation of McLaren Group, which has included its recent reorganization that opened doors for new strategic avenues and partnership opportunities. We are confident in CYVN's ability to build on McLaren's strong legacy and unlock its full potential with Mumtalakat continuing to play a strategic role in McLaren having the ability to benefit from future growth. With CYVN's advanced engineering capabilities and forward-looking vision, we believe they are the perfect partner to drive the next phase of McLaren's growth and evolution."
As part of its broader vision, CYVN is focused on creating a smart mobility platform by partnering with global industry leaders to deploy capital, engineering and design excellence, leading-edge technology, and experienced leadership in advanced mobility.
The transaction also aligns with Mumtalakat's strategy and ongoing efforts to optimize and enhance its portfolio, ensuring sustainable long-term financial returns.