Bahrain-based sovereign wealth fund Mumtalakat has acquired the senior preference shareholders’ stakes in UK tech group McLaren.
The company, known for its Formula One racing team and supercar, is expected to undergo a broader restriction of its operations.
The shares, which exceeded US$500 million, were purchased from Saudi Arabia’s Public Investment Fund (PIF) and Ares Management.
Mumtalakat has backed the proposed restructuring, describing it as “the optimal governance structure to deliver McLaren’s ‘future of performance’ strategy”.
The announcement comes two years after McLaren received a $700 million equity investment from the PIF and Ares.
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