Saudi Arabia’s sovereign wealth fund is reportedly in advanced talks to buy a stake in luxury car maker McLaren, which has been hit hard by the pandemic.
According to Sky News, the Saudi Public Investment Fund (PIF) will participate in a £550m equity raise which could be unveiled by the Woking-based company within days.
It cited banking sources as saying that the deal would include £400m of new capital from PIF and global investment firm Ares Management, with £150m being injected into McLaren by existing shareholders. This includes Mumtalakat, the sovereign investment fund of Bahrain.
Sources cautioned that the equity raise was still being finalised on Friday and could be delayed.
