Added Sky report details in paragraphs 2-3, background paragraph 4 onwards.
December 19th (Reuters) – Bahrain’s sovereign wealth fund Mumtalakat is in talks with a minority investor in luxury carmaker McLaren Group over an agreement that would effectively make it the sole owner of McLaren, Sky News reported on Tuesday.
The deal could be announced as part of the agreement as early as this week and would see about 20% of McLaren’s shares converted into the new deal, the report said.
Sky News said the new deal would have economic rights to benefit from future “liquidity events” such as McLaren’s initial public offering, but would not be classified as equity.
Mumtalakat said in June, Expanded investment amount It is part of the McLaren Group, which includes the British supercar manufacturer and McLaren Racing.
government fund Purchased shares and stock acquisition rights McLaren acquired from Saudi Arabia’s Public Investment Fund (PIF) and Ares Management worth £400 million ($508.92 million) Ares N Sky News reported in June.
McLaren Group did not immediately respond to a Reuters request for comment, and Mumtalakat could not be reached for comment outside normal business hours.
Mamtarakat, which owns 60% of McLaren, expects the company to go public within two to three years, the company’s CEO told Reuters in June last year.
($1 = 0.7860 pounds)
(Reporting by Chandni Shah in Bengaluru; Editing by Chris Reese and Lisa Shoemaker)
((Chandni.shah@thomsonreuters.com;))
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