McLaren gets $760 million from investors including Saudi PIF

SourceArabian Business
SectorFinancial Markets
CountrySaudi Arabia

McLaren, controlled by Bahrain’s Mumtalakat, has been hit by the pandemic that has delayed the Formula 1 racing series and forced it to halt automotive production

McLaren Group Ltd. obtained $760 million in funding from investors including Saudi Arabia’s sovereign wealth fund as the supercar maker and racing team owner tries to recover from the impact of the coronavirus pandemic.

Funds managed by Ares Management Corp. and Saudi Arabia’s Public Investment Fund have committed to invest 400 million pounds ($550 million) in the form of preference shares and equity warrants.

Existing shareholders, including sovereign wealth fund Mumtalakat and a limited number of new private investors, are to invest 150 million pounds in the form of convertible preference shares.

The Formula One racing team and carmaker had originally planned to raise emergency funds by mortgaging its headquarters and a historic car collection

McLaren, controlled by Bahrain’s Mumtalakat, has been hit by the pandemic that has delayed the Formula 1 racing series and forced it to halt...read more...