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Daimler AG and partner Aabar Investments PJSC have acquired a 75.1 percent stake in 2009 Formula One constructors champion team Brawn GP.

Daimler AG, the parent firm of Mercedes-Benz, now holds 45.1 percent of Brawn, while 30 percent is held by Aabar. The remaining 24.9 percent stays with Brawn GP’s current stakeholders.

With the change in ownership, the full works team will be known as Mercedes Grand Prix in 2010, the same year when Mercedes-Benz celebrates the 75th anniversary of its legendary Silver Arrows grand prix cars.

“Due to the new Formula 1 environment, we will face the competition in future on the most important motor sports stage with our own Silver Arrow works team,” said Dr. Dieter Zetsche, Daimler AG chief executive and head of Mercedes-Benz Cars. “Our new Silver Arrow Formula 1 team is a great sporting and technical challenge and we will tackle this with sporting spirit and full of enthusiasm.”

Despite the new name, Mercedes Grand Prix will still be run by the management team of Brawn GP, headed by team principal Ross Brawn. Mercedes-Benz Motorsport vice-president Norbert Haug will coordinate the F1 team and the Mercedes-Benz High Performance Engines’ engine team.

"Brawn GP has been through an incredible journey over the last 12 months. From fighting for our survival to forging a strong relationship with Mercedes-Benz High Performance Engines, winning both the Constructors' and Drivers' World Championships, and now accepting Daimler and Aabar's offer to buy our team, which will secure its future,” said Brawn.

Meanwhile, McLaren is set to buy Daimler AG’s 40 percent stake in the McLaren-Mercedes team through a phased purchase which will be completed in 2011.

“The next few years will be a very exciting time for McLaren, during which period we intend to become an ever-stronger technological and economic force,” said Ron Dennis, a founding shareholder of the McLaren Group. “Formula 1 will always be a core activity, for sound business reasons as well as for historical sporting reasons.”

Despite Daimler AG divesting its share in McLaren, Mercedes-Benz will continue to be McLaren’s engine supplier until the 2015 season along with the possibility to extend the partnership beyond that.

McLaren’s partnership with Mercedes-Benz goes back to the 1995 season. Since then, the partnership has competed in 256 Grand Prix events and won 60 races, captured the driver’s championship in 1998, 1999 and 2008 and the constructor’s crown in 1998 as well.

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