TVS Motor acquires UK-based Norton Motorcycles, Auto News, ET Auto
New Delhi: Residence-developed automaker TVS Motor Firm on Friday declared the acquisition of Britain’s sporting motorbike, “Norton”.
It took position in an all-cash deal for a thing to consider of GBP16 million by obtaining particular property of Norton Bikes (U.K.) Confined (in administration) as a result of just one of TVS Motor’s abroad subsidiaries, the automaker informed in a release.
Sudarshan Venu, Joint Controlling Director, TVS Motor Firm reported, “This is a momentous time for us at TVS Motor Firm. Norton is an legendary British brand celebrated across the entire world, and offers us with an enormous prospect to scale globally. This transaction is in line with our effort and hard work to cater to the aspirations of discerning motorbike customers. We will increase our full help for Norton to get back its full glory in the intercontinental motorbike landscape.”
“Norton will continue on to retain its distinct identity with dedicated and precise business enterprise plans. TVS Motor will get the job done intently with customers and staff in setting up the success and pre-eminence of the Norton Bikes brand and we glance ahead to rising jointly globally in the several years to come,” Venu additional included.
Norton Bikes is known for its traditional types and assortment of luxurious motorcycles ranging from genuine retro traditional reboots of the well-known Commando to its up to date 200 bhp, 1200cc V4 superbikes.
According to TVS, “This will be just one of the most appealing acquisitions of a storied motorbike maker in recent instances and will replicate TVS Motor Company’s and India’s quickly soaring prominence in the intercontinental two-wheeler industry.”
The automaker is additional expecting Norton Bikes to leverage TVS its world-wide reach and provide chain capabilities to increase to new marketplaces.
The acquisition was undertaken beneath the assistance of economic advisors, Rothschild and Co, and authorized assistance for the transaction was offered by Khaitan & Co, and Slaughter and Could.