Cyvn now owns McLaren’s automotive business, consolidates British automotive portfolio: Cyvn Holdings, an Abu Dhabi-owned advanced mobility investment firm, completed its acquisition of UK luxury sports car marker McLaren’s automotive business and a minority stake in its racing arm, McLaren Racing, according to a press release (pdf).

The acquisition will see Cyvn consolidate its British businesses by merging McLaren Automotive and British EV startup Forseven under its new entity, McLaren Group Holdings. The group will also include Cyvn’s stake in McLaren Racing and the newly formed McLaren Licensing.

Refresher: This acquisition follows the signing of a non-binding agreement between Bahraini sovereign wealth fund Mumtalakat and Cyvn in October to explore acquiring the company.

Big plans for McLaren Automotive: Cvyn plans to use its investments — not only in Forseven, but also in Chinese EV manufacturer Nio — to expand McLaren Automotive’s portfolio into new product categories, with details set to be announced later this year. This could include a new SUV, following in the footsteps of luxury car manufacturing rivals like Lamborghini and Ferrari, people familiar with the matter told the Financial Times.

Other changes in the cards: The current CEO of Forseven Nick Collins will assume the role of Group CEO for the new holding company.

Background: While McLaren is a huge player in the supercar market, it has been making losses for the past five years, and has been in talks with carmakers for a partnership and new funding in order to develop new models for a while, the FT said.

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