Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds ($510.48 million) in carmaker McLaren from Saudi Arabia's Public Investment Fund (PIF) and Ares Management , Sky News reported on Wednesday.

The transaction will not lead to any new money being injected into McLaren, the Sky News report said, adding that an announcement from Mumtalakat on the deal will come on Thursday.

The purchase will expand Mumtalakat's majority stake in McLaren group, which includes the British supercar maker as well as McLaren Racing. In July 2021, global investment firm Ares Management and Saudi's PIF provided much of a 550 million-pound equity investment in the McLaren group.

Bahrain's sovereign wealth fund could not be reached for comment. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.

In June of last year, Mumtalakat's chief executive, Khalid Al Rumaihi, told Reuters that he expected McLaren to go public in two to three years.

($1 = 0.7836 pound)

(Reporting by Bharat Govind Gautam in Bengaluru Editing by Chris Reese and Matthew Lewis)