Corporate partner Russell Van Praagh led the team on the deal which also saw Abu Dhabi investment company Aabar Investments buy a 75.1 per cent stake in the company.
A Shearman & Sterling team led by the co-head of its London corporate group Laurence Levy acted for Aabar. Lovells advised Daimler on the transaction, with corporate finance partner Frances Le Grys taking the lead.
Van Praagh led Taylor Wessing when the firm advised Brawn on its last-ditch management buyout of Honda Racing F1 earlier this year before the team’s shock World Championship victory.
Van Praagh said: “This deal proves that, despite the recession, significant investors still see value in Formula 1.”