We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 16 Nov 2009 04:05 PM

Font Size

- Aa +

Abu Dhabi's Aabar takes stake in Brawn F1 team

UPDATE 2: Firm teams up with car maker Daimler for majority stake worth $183m.

Abu Dhabi's Aabar takes stake in Brawn F1 team
NEW DEAL: Aabar Investments and Daimler have taken over the Brawn F1 team, which world champion Jenson Button drives for. (Getty Images)

Abu Dhabi’s
Aabar Investments

was on Monday revealed to be part of a $183 million deal to take a majority stake in Formula 1 world championship winning team Brawn GP.

Brawn Grand Prix, whose driver Jenson Button won this year’s Formula One championship, was acquired by Daimler and
Aabar

, said a statement by both companies.

Daimler took a 45.1 percent stake in the team, which will be known as Mercedes Grand Prix, while
Aabar

will take a 30 percent stake.

The companies are paying GBP110 million ($183 million) between them, newswire Bloomberg reported, citing
Aabar

chairman Khadem Abdulla Al Qubaisi.

Daimler will relinquish its 40 percent stake in McLaren, which the British team will buy back over a two-year period, but could continue supplying its engines until 2015.

"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,"
Aabar

said.

In March,
Aabar

bought 9.1 percent of Daimler and in July,
Aabar

bought a 32 percent stake in Virgin Galactic, the commercial space flight firm, for about $280m.

Aabar

is 70 per cent owned by the Abu Dhabi-based International Petroleum Investment Company.

Separately, Aabar said it was considering increasing its stake in German carmaker Daimler.

Asked whether the company was considering boosting its position in Daimler, Khadem al-Qubaisi told Reuters by telephone: "Yes." He did not elaborate.

Arabian Business: why we're going behind a paywall

For all the latest sports news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.