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McLaren Group receives £ 550million capital injection Car News

McLaren Group has secured a £ 550million cash injection from a group of new and existing shareholders, which it says will support its “plans to grow as a global luxury supercar and motorsport company elite “.

Some £ 400million in capital comes from funds managed by investment firm Ares Management Corporation and the Saudi Arabia Public Investment Fund.

The Financial Times notes that the latter also owns shares in the American electric vehicle maker Lucid, but that there was no question of sharing technology between it and McLaren.

This cash is complemented by a capital injection of £ 150 million from existing shareholders, including Bahrain’s sovereign wealth fund Mumtalakat and “a limited number of new private investors”, which will be used to repay a loan McLaren contracted in June 2020 with the Bank of Bahrain. .

This financial boost for the McLaren group follows the acquisition by US sports investment group MSP Sports Capital of a 15% stake in the McLaren Racing division in December for £ 185million.

This transaction, said McLaren, allowed Woking to “retain a significant stake in its Formula 1 team while providing capital from strategic partners to reduce Racing’s risks and allow McLaren to focus on its premier automotive business. plan “.

Most recently, in April, McLaren sold its Woking headquarters for £ 170million to investment firm LNG, securing a 20-year lease on the property as part of the deal.

McLaren said the “strong appetite” of investors reflects their “continued confidence” in the brand. “We look forward to working with Ares and PIF as they bring their experience and knowledge to the board,” he added.

McLaren Group Executive Chairman Paul Walsh said: “Building on the short-term measures we put in place last summer in response to the global pandemic, McLaren has taken a number of important steps to put the business on a stable, long-term basis. term, with the close support of its existing advisers and shareholders.

“Following the strategic investment in Racing that we obtained last year, this successful capital increase is a key element of our overall financial strategy to support the Group’s sustainable growth plans. “

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Source: www.autocar.co.uk
This notice was published: 2021-07-16 16:15:13

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