US technology giant Apple has approached the UK-based McLaren Technology Group about a potential takeover, according to a report in the Financial Times.
The story explains that Apple is either contemplating a full acquisition or a strategic investment, having looked to develop its own self-driving electric vehicle for the past couple of years.
The report adds that the California-based firm is enticed by McLaren’s technology, engineering proficiency, and wide range of patents.
The business newspaper expects the Ron Dennis-led British conglomerate, which includes the McLaren F1 Team, to be valued between £1bn and £1.5bn.
Apple’s interest in McLaren comes a pair of weeks after US media company Liberty Media decided to acquire Delta Topco - Formula One's parent company - in a deal worth $8bn (£6bn).
Scene at the 2016 Singapore Grand Prix
Quotes of the week - 2016 Singapore Grand Prix
2016 Singapore Grand Prix - Driver ratings
REPORT: Rosberg takes title lead after Singapore thriller
Keep up to date with all the F1 news via Facebook and Twitter
Lewis Hamilton: Australian GP – Albert Park Lewis Hamilton’s very first Grand Prix weekend…
One driver has a hugely famous name, the other is a special Grand Prix winner,…
As the Ferrari factory in Maranello glows in festive crimson, a sense of anticipation hums…
Lando Norris had just done the hardest thing in motorsport – winning the Formula 1…
A veteran of 41 Grands Prix starts, Howden Ganley - seen here above hitting a…
Ferrari’s Charles Leclerc may not have ended the season with a silver trophy in hand,…