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McLaren Group gets £550m investment from Saudi Arabia
The McLaren Group is set to receive a timely influx of cash from Saudi Arabia's Public Investment Fund and existing and new shareholders. Saudi Arabia's PIF and global investment firm Ares management are expected to contribute £400m of new capital to the automotive company while existing and new shareholders - including majority shareholder Mumtakalt - will invest £150m in the form of Convertible Preference Shares. As of Friday, the equity raise was still in the process of being finalized. McLaren said that the deal will allow for the repayment of the loan received in June 2020 from the National Bank of Bahrain and the right-sizing of the capital structure, while the transaction will...
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