June 21 Reuters Bahrain39;s state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds 510.48 million in carmaker McLaren from Saudi Arabia39;s Public Investment Fund PIF and Ares Management, Sky News reported on Wednesday.

The transaction will not lead to any new money being injected into McLaren, the Sky News report said, adding that an announcement from Mumtalakat on the deal will come on Thursday.

The purchase will expand Mumtalakat39;s majority stake in McLaren group, which includes the British supercar maker as well as McLaren Racing.

In July 2021, global investment firm Ares Management and Saudi39;s PIF provided much of a 550 millionpound equity investment in the McLaren group.

Bahrain39;s sovereign wealth fund could not be reached for comment. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.

In June of last year, Mumtalakat39;s chief executive, Khalid Al Rumaihi, told Reuters that he expected McLaren to go public in two to three years.

1 0.7836 pound

Reporting by Bharat Govind Gautam in Bengaluru Editing by Chris Reese and Matthew Lewis

Source Reuters