Bahrain’s state investment fund, Mumtalakat, has announced its acquisition of senior preference shareholder stakes in McLaren Group, as part of a proposed restructuring aimed at advancing the group’s long-term objectives. This move solidifies Mumtalakat’s majority ownership in McLaren, which encompasses the renowned British supercar maker and McLaren Racing.
According to reports, Mumtalakat purchased shares and warrants worth £400 million ($510 million) from Saudi Arabia’s Public Investment Fund (PIF) and Ares Management, further strengthening its investment portfolio. The restructuring plans are currently undergoing shareholder discussions and are perceived by Mumtalakat as the optimal governance structure to propel McLaren’s “Future of Performance” strategy.
It is important to note that this transaction does not involve injecting new funds into McLaren, as highlighted in the Sky News report. In July 2021, Ares Management and PIF contributed significantly to a £550 million equity investment in McLaren. Mumtalakat’s chief executive, Khalid Al Rumaihi, previously stated his expectation for McLaren to go public within the next two to three years.
While Mumtalakat did not provide an immediate response to requests for comment, Ares Management opted not to comment, and McLaren and the PIF are yet to respond. This strategic extension of Mumtalakat’s stake in McLaren Group exemplifies Bahrain’s commitment to fostering investment opportunities and strengthening its position within the global automotive industry.