Banking & Finance PIF sells McLaren stake to Bahraini fund for $510m By Pramod Kumar June 22, 2023 McLaren McLaren says production of its Artura hybrid supercar is "ramping up". No new money being injected into McLaren Mumtalakat holds controlling stake in supercar maker McLaren in first stage of EV restructuring plan Saudi Arabia’s Public Investment Fund (PIF) will sell preference shares and warrants worth £400 million ($510.48 million) in British supercar maker McLaren Group to Bahrain’s investment fund Mumtalakat. The deal is likely to be announced on Thursday, Sky News reported. The private transaction will not result in new money being injected into McLaren. McLaren gears up for Middle East supercar spending spree Bahrain’s sovereign wealth fund eyes McLaren IPO within 3 years Saudi’s PIF to help Aston Martin raise over $589m The stake sale comes almost two years after sovereign wealth fund PIF and Ares Management invested £400 million in McLaren. Earlier this year, McLaren received a £70 million funding boost from investors in the first stage of its restructuring plan aimed at steering it into the electric vehicle era, the news report said. Mumtalakat holds a 62.55 percent controlling stake in McLaren Group. Late last year, Mumtalakat bought the heritage models in exchange for a $123 million cash injection. Founded in 1963 by Bruce McLaren, the company owns one of the most famous names in British motorsport. It has won 180 Grands Prix, three Indianapolis 500s and the Le Mans 24 Hours on its debut. In March, Robert Holtshausen, McLaren’s new regional market director for the Middle East, told AGBI that the company is investing in new facilities in Abu Dhabi, re-entering the UAE capital in a deal with Abu Dhabi Motors. McLaren Abu Dhabi is currently operational in a pop-up facility, with a permanent showroom to open in 2024. The regional plans come as McLaren looks to accelerate growth following a disappointing 2022 when it says production was hindered by industry-wide semi-conductor shortages and supply constraints. Announcing global revenue of $168 million and sales of 620 cars in Q1, the company said production of its $260,000 Artura hybrid supercar was “ramping up”.