Bahraini fund in talks to take full ownership of McLaren

Bahrain’s sovereign fund is nearing a deal to take full control of the British supercar maker McLaren Group, according to a media report.

Mumtalakat Holdings, which holds a 62.55 percent stake in McLaren, is in talks to buy the 20 percent stake held by minority shareholders and convert their equity into warrant-like instruments, Sky News reported.

The deal could be announced later this week, the report said.

• McLaren gears up for Middle East supercar spending spree
• Bahrain restructures board of wealth fund Mumtalakat
• Bahrain’s sovereign wealth fund eyes McLaren IPO within 3 years

Separately, Mumtalakat confirmed that McLaren shareholders had approved a full recapitalisation of the group.

The recapitalisation will introduce a simplified share structure, a streamlined governance process and expansion to new markets.

“Completing the recapitalisation is a significant step in the ongoing transformation of the group and provides a solid platform from which to grow our product offering and brand presence,” Paul Walsh, executive chairman of McLaren Group, said.

Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, said that the “diligent steps” are part of a comprehensive and long-term plan as McLaren continues to design and deliver the world’s most innovative supercars.

Saudi Arabia’s Public Investment Fund (PIF) in June said it would sell preference shares and warrants worth £400 million ($510.48 million) in McLaren to Mumtalakat.