CYVN Is Considering Buying a Stake in McLaren - Bloomberg

CYVN Is Considering Buying a Stake in McLaren - Bloomberg

CYVN Holdings LLC, an investment firm backed by Abu Dhabi, is considering buying a stake in British luxury carmaker McLaren, people with knowledge of the matter said.

CYVN’s deliberations are at an early stage and there’s no certainty it will decide to pursue a deal, according to the people, who asked not to be identified discussing confidential information. Other parties, which couldn’t immediately be identified, are also interested in investing in McLaren, the people said.

Bloomberg News reported in February that McLaren’s controlling shareholder, Bahrain’s Mumtalakat Holding Co., is seeking to bring in additional investors at the carmaker, which also operates the McLaren Formula One racing team.

Representatives for CYVN and Mumtalakat declined to comment.

McLaren was founded in 1963 by racer Bruce McLaren and is one of the UK’s best-known sports car brands. The company said last week that its shareholder has provided £55 million ($69 million) in equity funding as part of a recapitalization process.

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.