In a recent development for the automotive industry, Bahraini sovereign wealth fund Mumtalakat has acquired full ownership of McLaren. This move sees Mumtalakat's stake in McLaren increase from 60 percent to 100 percent, marking a substantial shift in the company's ownership structure. The acquisition potentially provides McLaren with the financial stability needed to pursue its long-term business objectives, including the development of new products and technologies.
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Paul Walsh, McLaren Group Executive Chairman, expressed his satisfaction with Mumtalakat's continued commitment to the company, highlighting the opportunities it presents for future growth and innovation. The acquisition comes at a critical time for McLaren, as it seeks to navigate challenges posed by the pandemic and strengthen its position in the competitive automotive market.
The restructuring of ownership also positions Mumtalakat for future decisions regarding McLaren's direction. Options such as attracting potential buyers or considering a public offering are now on the table, with Mumtalakat holding a strong position to pursue these avenues.
While McLaren has faced financial pressures in recent years, including the sale of assets such as its headquarters and heritage car collection, there have been positive developments on the product front. Rumors suggest that McLaren is gearing up to unveil its successor to the P1 supercar, featuring a twin-turbo V8 engine with over 1,000 horsepower. This new model, rumoured to debut before the end of 2024.
Written By – Shashank Singh
