Feb. 28 (Bloomberg) -- Daimler AG and Aabar Investments PJS acquired the remaining 24.9 percent of the Mercedes Formula One team from its management led by Ross Brawn.
The terms of the acquisition, which requires regulatory approval, weren’t disclosed in a statement.
Luxury carmaker Daimler and Abu Dhabi fund Aabar said the move shows their commitment to the most-watched motor sport. Daimler now owns 60 percent of the team, Mercedes-Benz Grand Prix Ltd., and Aabar 40 percent, the statement said. Brawn said he remains “fully committed” to the team, according to the statement.
“This majority stake holding demonstrates our determination to build a long-term Formula One involvement on an even more successful platform,” Daimler Chief Executive Officer Dieter Zetsche said in the statement.
Mercedes finished fourth of 12 teams last season after hiring seven-time champion Michael Schumacher, who failed to win a race on his return from three years of retirement.
A former Ferrari team technical director, Brawn led a management buyout of Honda Motor Co.’s squad before guiding it to the 2009 driver and constructor championship titles. Jenson Button won the drivers’ title.
The management sold 75.1 percent of the Brackley, England-based team to Daimler and Aabar in November 2009. Aabar holds a 9 percent stake in Daimler.
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