The sale is part of the automotive company’s efforts to focus on its supercar manufacturing and elite motorsport business
The sale is expected to enhance McLaren's strategic focus on automotive. (Credit: McLaren Group)
British automotive company McLaren has agreed to sell its Applied technology business division to private investment group Greybull Capital.
The sale is part of the company’s efforts to focus on its supercar manufacturing and elite motorsport business.
Financial terms of the transaction were not revealed by the company.
McLaren’s Applied division is engaged in providing technology services, including telemetry and data analytics to corporate customers.
Following the completion of the transaction, the division will continue to be led by current management team and to service its existing customer base.
Greybull’s investment is expected to allow the company to further expand on its current business strategy.
McLaren Group executive chairman Paul Walsh said: “The completion of the strategic review of Applied is the latest in a series of proactive steps to build a more focused and profitable Group.
“McLaren now has the right strategy and focus to achieve our ambitions as a global luxury supercar and elite motorsport business, underpinned by a more sustainable capital structure.
“At the same time, we are delighted that Greybull’s investment will provide a strong platform for McLaren Applied to innovate and grow as a world-class technology, data insight and analytics business.”
The divestment of Applied is expected to further enhance McLaren’s strategic focus on automotive, which the company sees as its core profit driver.
McLaren Applied will continue to remain in technology business that is focused on providing transformative and innovative products in electrification and telemetry, control and analytics.
The transaction is expected to be completed by the end of August this year.
In December last year, US-based sports investment group MSP Sports Capital announced an investment of £185m to acquire a 15% stake in McLaren Racing.
The transaction valued McLaren Racing at £560m post-money.
The motorsport company had also raised £300m funding in March last year, from its existing, long-standing shareholders to support its long-term strategy.