Saudi state fund to buy McLaren stake in $760m deal

Saudi Arabia’s sovereign wealth fund is in advanced talks to acquire a stake in McLaren Group as part of a fresh shake-up at the British supercar manufacturer and Formula One (F1) team-owner.

Sky News reports that the Saudi Public Investment Fund (PIF) is to participate in a $760m equity-raise which could be unveiled by McLaren within days.

Banking sources said the deal would include $560m of new capital from PIF and Ares Management, a major global investment firm, with $200m being injected into the company by McLaren’s existing shareholders – who include Mumtalakat, the sovereign investment fund of Bahrain. Sky News