Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds ($510.48 million) in carmaker McLaren from Saudi Arabia's Public Investment Fund (PIF) and Ares Management , Sky News reported on Wednesday.
A McLaren 720S is on display at the McLaren Automotive Production Centre Woking, Britain September 12, 2017. REUTERS/Chris J. Ratcliffe/Pool/File Photo
June 21 - Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds in carmaker McLaren from Saudi Arabia's Public Investment Fund and Ares ManagementThe transaction will not lead to any new money being injected into McLaren, the Sky News report said, adding that an announcement from Mumtalakat on the deal will come on Thursday.
The purchase will expand Mumtalakat's majority stake in McLaren group, which includes the British supercar maker as well as McLaren Racing., global investment firm Ares Management and Saudi's PIF provided much of a 550 million-pound equity investment in the McLaren group. Bahrain's sovereign wealth fund could not be reached for comment. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.Reporting by Bharat Govind Gautam in Bengaluru Editing by Chris Reese and Matthew Lewis
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