Daimler Secures Full Control of Mercedez GP F1 Team

November 19, 2012

Mercedes GP Formula One team are now in the full control of German carmaker Daimler after buying the remaining 40 percent stake from Abu Dhabi sovereign wealth fund Aabar Investments for an undisclosed sum.

Aabar, which has been cutting its ties with Daimler, last month it sold its remaining 3 percent stake in the company.

Daimler and Aabar moved into motor racing in late 2009 when they bought out F1’s then world champion, Brawn GP, and relaunched it the following season as Mercedes.

Briton Lewis Hamilton, a former world champion and one of the sport’s best-known racers, will drive for Mercedes next season.

The deal is conditional on regulatory clearance.