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Wednesday, November 20, 2024

Home Business Saudi PIF buys into McLaren as part of £550m equity raise

Saudi PIF buys into McLaren as part of £550m equity raise

by News desk
July 19, 2021
in Business

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Riyadh

The McLaren Group announced a £550 million ($758 million) equity investment on Friday with much of it coming from Saudi Arabia’s Public Investment Fund (PIF) and global investment firm Ares Management.

McLaren Group includes the British supercar maker as well as McLaren Racing, which competes in Formula One and IndyCar in the United States and is also entering the Extreme E off-road electric series next year.

McLaren said PIF and Ares were providing £400 million of new capital, in the form of preference shares and equity warrants.—AN