Mercedes-Benz will take over the Brawn GP Formula One team after the car manufacturer purchased a 75.1 percent stake in the outfit owned by Ross Brawn last Monday.

In the process, Mercedes-Benz will sell back its 40 percent share in the McLaren F1 Team but will continue to be its engine supplier until the 2015 season.

"Mercedes will compete in the F1 world championship next year starting with its own factory team," said Mercedes' Dr. Dieter Zetsche. "This is possible by the agreed acquisition of 75.1 percent of Brawn GP, 45.1 percent from Daimler and 30 percent from our partner Aabar Investments," Zetsche added.

According to Zetsche, Ross Brawn, Nick Fry and the original shareholders will retain the current shares. Zetsche explained that since Daimler and Mercedes both share the same interests in buying the Brawn GP shares, it will become a true Mercedes-Benz team.

The new Mercedes-Benz grand prix team will be coordinated by Mercedes-Benz Motorsport which is headed by Norbert Haug.

The team will still operate in Brackley, with Brawn still being the Team principal.