• Definitive binding agreement signed following exploration of potential partnership discussions between both parties.
• Deal is set to drive McLaren’s growth trajectory and accelerate progress in the advanced mobility sector.
Abu Dhabi, 9 December 2024: His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain, have witnessed the signing of a strategic partnership agreement between CYVN Holdings LLC (“CYVN”), an advanced mobility operator and investment vehicle based in Abu Dhabi, and Bahrain Mumtalakat Holding Company BSC(c) (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain. Under this agreement, 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.
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, His Excellency 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 platform and 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.”
His Excellency Shaikh Salman bin Khalifa Al Khalifa, 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.
About CYVN Holdings
CYVN Holdings is an advanced mobility operator and investment vehicle based in Abu Dhabi. CYVN’s vision is to create 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.
For more information:
E-mail: [email protected]
About Mumtalakat:
Mumtalakat, the Bahrain Mumtalakat Holding Company, is the sovereign wealth fund of the Kingdom of Bahrain. With a mandate to grow the wealth of Bahrain through long-term investments based on sound financial, strategic and governance principles, Mumtalakat holds stakes in over 50 commercial enterprises with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products, healthcare and education.
Further details on Mumtalakat can be found at www.mumtalakat.bh
For more information:
Email: [email protected]