The Gulf state’s sovereign wealth fund is on the verge of effectively becoming McLaren’s sole owner in a deal that could be announced as early as this week, Sky News reports.
According to the report, this includes “approximately 20 per cent of McLaren’s shares being converted into a new contract”.
Sky News reported that the new contract would have economic rights to benefit from future “liquidity events” such as McLaren’s initial public offering, but would not be classified as equity.
Mamtarakat, which already holds an estimated 60% stake in McLaren Group, announced on Tuesday that the group’s shareholders had approved a full recapitalization.
This will introduce a “simplified share structure, streamlined governance processes and expansion into new markets”.
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. ”.
His Excellency Sheikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Bahrain Mumtalakat Holding Company, the group’s major shareholder, said: “Today’s announcement marks a comprehensive partnership with Bahrain Mumtalakat Holding Company. “This is a testament to our dedication to long-term planning.” 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. ”