American technology giant Apple has reportedly approached McLaren Technology Group in search of a buyout or potential strategic investment.
According to Financial Times, the two companies have already been talking for several months. Apple specifically declined to comment on the story, while McLaren flat out denied the rumors. “We can confirm that McLaren is not in discussion with Apple in respect of any potential investment,” reads a statement sent to The Verge.
The fit may seem odd, but McLaren uses lots of cutting edge technology thanks in no small part to its Formula 1 team and could benefit from Apple’s expertise. Hybrid powertrains are also a big part of what McLaren does which is certainly a technology that Apple is interested in.
On the other side of the deal, Apple is working to get into the self-driving car business and could benefit from McLaren’s extensive car production knowledge.
Financial Times says that McLaren would likely be valued between $1.3 billion and $1.9 billion.