Bahrain’s sovereign wealth fund Mumtalakat has agreed to a “full recapitalization” of McLaren Group, which it says will lead to “simplification of its share structure and streamlined governance processes”.
The announcement comes after the McLaren Group Board of Directors, which oversees McLaren Automotive and McLaren Racing, unanimously approved the initiatives for the road and track divisions respectively.
According to a Sky News report late Tuesday night, Mamtalakat, who is already a major shareholder in McLaren Group, will effectively become the sole shareholder by converting around 20% of his shares into a new deal with the team’s minority shareholders. It was planned.
McLaren Group announces ‘full recapitalization’ agreement
The Sky News report added that McLaren Racing has its own external shareholders, with subsidiary divisions overseeing the Formula 1, IndyCar, Extreme E and Formula E teams.
According to Reuters, Mumtarakat already owns an estimated 60% of McLaren Group’s shares, and the latest recapitalization will strengthen that position, although the announcement does not clarify what percentage the company currently owns. It is not specifically stated whether this is the case.
Paul Walsh, McLaren Group Executive Chairman, said: “The completion of the recapitalization is an important step in the Group’s ongoing transformation and provides a solid foundation from which to grow our product offering and brand presence. ”.
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His Excellency Sheikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Bahrain Mumtalakat Holding Company, the group’s major shareholder, said: Work with our partners to achieve the optimal governance structure as our group continues to design and deliver the world’s most innovative and exhilarating supercars. ”
PlanetF1.com has contacted McLaren Group and McLaren Racing for comment, but had not received a response at the time of publication.
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