Mumtalakat Acquires Full Ownership of McLaren Group
In a significant development for the automotive industry, Bahrain Mumtalakat Holding Company (“Mumtalakat”) has taken full control of the renowned McLaren Group. This acquisition includes a majority stake in the McLaren F1 team, solidifying Mumtalakat’s commitment to the brand.
Mumtalakat, already McLaren’s largest shareholder, now holds full ownership. This move simplifies the shareholder structure and strengthens McLaren’s financial position.
McLaren Group is actively exploring technical partnerships with other businesses to advance electric vehicle technology. Executive Chairman Paul Walsh expressed enthusiasm, emphasizing the long-term business plan and investment in new products and technologies.
Over the past 14 years, McLaren Automotive has become a major player in the market for prestige sportscars, competing with brands like Ferrari and Porsche. The group’s majority stake in McLaren Racing extends beyond Formula 1; it also competes in the US IndyCar series, Formula E, and Extreme E.
The McLaren Group faced financial strain due to the Covid pandemic, leading to production suspensions and race cancellations. Supply chain disruptions, particularly a shortage of computer chips, further impacted the business.
Paul Walsh, McLaren Group’s Executive Chairman, stated, “We are delighted at Mumtalakat’s continued commitment to McLaren through this deal. This will further enable us to focus on delivering our long-term business plan while exploring potential technical partnerships.”
The McLaren Group, headquartered in Woking, Surrey, remains committed to innovation and growth in the automotive industry.
in picture Noor Buhusayen Director – Legal at Bahrain Mumtalakat Holding Company
