21/09/2016
NEWS STORY
Technology giant Apple Inc is reported to be eyeing a £1.5bn buy-out of the McLaren Technology Group.
The Financial Times reports that talks have been ongoing for months as the technology giant eyes the automotive market.
For some time there has been talk of a self-driving car, dubbed the iCar, rumours of the programme to develop such a vehicle, dubbed 'Project Titan' first emerging in 2014 though it was unclear if Apple was seeking to build its own car or join forces with another company.
While the McLaren Technology Group owns the Formula One team, it is McLaren Automotive, which produces the road-going supercars which will be of primary interest.
The Financial Times claims that the McLaren Technology Group is valued at between £1bn - £1.5bn with McLaren McLaren Automotive generating £450m in revenue last year.
Talk of the deal, which could involve a full takeover or a strategic investment, comes weeks after American giant Liberty Media began the process of buying F1.
While Apple has yet to comment on the claim, McLaren was quick to deny it.
"We can confirm that McLaren is not in discussion with Apple in respect of any potential investment," a spokesperson told Pitpass. "As you would expect, the nature of our brand means we regularly have confidential conversations with a wide range of parties, but we keep them confidential."