Technology giant Apple is in talks with McLaren about a possible takeover, according to the Financial Times.
The report says Apple has approached the McLaren Technology Group, which emcompasses the famous F1 team, McLaren Automotive and McLaren Applied Technology. The FT says talks started several months ago, according to three people briefed on the negotiations, and could involve either a full takeover or strategic investment.
Apple has been working on self-driving electric cars and has recently outlined plans to transform the automotive industry in the same way it has revolutionised the smartphone market. The report states McLaren is an attractive proposition because of its technology and engineering proficiency.
The FT suggests the McLaren Technology Group will be valued at anywhere between £1 billion and £1.5 billion, with McLaren Automotive Group generating revenues of £450 million last year. The news comes just weeks after U.S. media group Liberty Media confirmed it has agreed to purchase a controlling stake in Formula One in a deal worth over £6 billion.
However, McLaren denied the suggestion Apple is about to purchase a stake in the company.
"We can confirm that McLaren is not in discussion with Apple in respect of any potential investment," a spokseperson said. "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."