Apple interested in McLaren buyout
It has been reported US technology giant Apple has signalled its interest in acquiring the McLaren Technology Group with the company estimated to be valued between ?1bn and ?1.5bn.
Reports published in the Financial Times newspaper state Apple's intention to step into the automotive industry with the British supercar maker and Formula 1 team which could see a takeover or financial investment.
In 2015, McLaren changed its registered name from McLaren Group to McLaren Technology Group to bring it into line with its diversifying involvements as Ron Dennis was named as Chairman and Chief Executive Officer.
Apple has been developing a self-driving electric car but it is not clear whether any McLaren involvement would include that particular project.
READ: Alonso always trusted McLaren but had too much hope in 2015
McLaren's car department has recently launched the 12C (2011) and the P1 sports car (2013) with former McLaren Racing CEO Jonathan Neale the new COO having been appointed earlier this year.
McLaren currently sits sixth in the F1 world constructors' championship and has scored 54 points in the opening 15 races of the season.
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