Abu Dhabi’s Aabar Investments and Daimler to buy majority stake in Formula 1 team Brawn GP

Daimler, Abu Dhabi to buy Formula 1 team Brawn GP

DUBAI, United Arab Emirates — The Abu Dhabi investment fund with the biggest stake in automaker Daimler says it is teaming with the Mercedes-Benz manufacturer to buy a controlling stake in Formula 1 championship team Brawn GP.

Aabar Investments says the new “Mercedes Grand Prix” racing team will compete in next year’s Formula 1 season under the existing leadership of Ross Brawn.

Mercedes maker Daimler will owns 45.1 percent of the team, while Abu Dhabi government-run Aabar will have a 30 percent share. The remaining quarter will stay with the existing owners.

Aabar says the deal is subject to approval by Swiss and European Union regulators.