(Bloomberg) -- CYVN Holdings LLC, an investment firm backed by Abu Dhabi, has signed a preliminary deal to take a stake in British sports-car maker McLaren and take full control of its automotive business.
The deal with McLaren’s controlling shareholder, Bahrain’s Mumtalakat Holding Co., would bring access to additional capital, advanced engineering expertise and technology, particularly in the field of electric vehicles, CYVN said in a statement Tuesday.
Bloomberg News first reported the Emirati firm’s interest in April.
McLaren was founded in 1963 by racer Bruce McLaren and is one of the UK’s best-known sports car brands. Mumtalakat has been seeking to bring in additional investors at the carmaker, which also operates the McLaren Formula One racing team, Bloomberg News has reported.
CYVN last year committed $2.2 billion to Nio Inc., a Chinese electric-vehicle maker. The investment firm aims to “create a smart mobility platform by investing in and partnering with industry leaders around the world,” according to a statement at the time.
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