The McLaren Group is turning to the bond market to raise an estimated £500m to finance the buyout of former chairman and CEO Ron Dennis.
After 37 years at the helm of McLaren, Dennis stepped down from his role as CEO at the end of last year following an internal strife with fellow shareholders Hamad bin Isa Al Khalifa and Mansour Ojjeh.
It was announced last week that McLaren would acquire Dennis' stake in the group, valued at £275m.
To fund the acquisition, McLaren has hired JP Morgan to lead the debt offering on the capital markets with reports suggesting a successful bond issuance could reach as much as $500m with part of the proceedings possibly earmarked for a potential stock market flotation scheduled in the future.
Tapping the capital markets will no doubt be helped by a record year of growth and profits in 2016 for McLaren Automotive, the luxury car-maker division of the group.
McLaren Automotive, which announced its results last week, has grown rapidly since its inception in 2010, with sales doubling to 3,286 vehicles in 2016 and profit rising by 70 percent to 9.2 millions pounds.
The firm expects to reach sales of 4,500 vehicles by the end of 2022, with at least half equipped with hybrid powertrains.
GALLERY: F1 drivers' wives and girlfriends
Keep up to date with all the F1 news via Facebook and Twitter
