Technology giant Apple has been linked with a takeover of McLaren, according to a report in the respected newspaper the Financial Times.
The story suggests that Apple has approached the McLaren Technology Group, which encompasses the McLaren Formula 1 team, McLaren Automotive, and McLaren Applied Technology.
Citing three people briefed on the negotiations as its source for the story, the Financial Times claims that negotiations have begun about a deal that could result in either a full takeover or a strategic investment.
Apple's interest in McLaren would be likely linked to its plans to transform the automotive industry in the same way that it has changed the smartphone market.
It has been working on a self-driving electric car for several years now, with recent speculation suggesting that it would enter the industry segment in partnership with a current car manufacturer rather than going it alone.
The Financial Times suggested that McLaren Technology Group could be valued at between £1 billion and £1.5 billion (approx. $1.7B and $2.5B CAD) – with McLaren Automotive having generated revenues of £450 million (approx. $770M CAD) last year.
McLaren was not immediately available for comment regarding the Apple story.