German luxury carmaker Daimler is further strengthening ties to its largest shareholder Aabar after agreeing to jointly acquire the majority of the champion Formula One team, Brawn GP.
"The new Mercedes Grand Prix racing team will compete in the 2010 Formula One World Championship under the continuing leadership of Team Principal Ross Brawn," Abu Dhab's Aabar said in a statement on Monday that did not disclose financial details.
Daimler will own 45.1% of the team, with Aabar controlling another 30%. The remaining 24.9% will continue to be held by the current owners.
Aabar, the listed investment arm of Abu Dhabi sovereign wealth fund IPIC, bought a 9.1% stake in Daimler in March this year.
Since then Daimler agreed to sell it roughly 4% of electric car start-up Tesla Motors Inc.
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