TVS Motor Company, an Indian-multinational motorcycle company, has announced the acquisition of Britain’s iconic sporting motorcycle Norton in an all-cash deal for 16 million pounds (about Rs 153 crore). TVS Motor will acquire certain assets of Norton Motorcycles UK Ltd through one of its overseas subsidiaries.
“The deal will reflect TVS Motor Company’s and India’s rapidly rising prominence in the international two-wheeler market,” the company said in a statement.
Sudarshan Venu, Joint Managing Director, TVS Motor Company said, “This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world and presents us with an immense opportunity to scale globally. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape.”
Sudarshan Venu further added, “Norton will continue to retain its distinctive identity with dedicated and specific business plans. TVS Motor will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand and we look forward to growing together globally in the years to come.”
The acquisition was undertaken under the guidance of financial advisors, Rothschild and Co, and legal advice for the transaction was provided by Khaitan & Co, and Slaughter and May.
Norton Motorcycles was founded by James Lansdowne Norton in 1898. Since the 20th century, the company is renowned for their classic models and eclectic range of luxury motorcycles ranging from authentic retro classic reboots of the famous Commando to their contemporary 200 bhp, 1200cc V4 super-bikes.
TVS Motor Company is the flagship company of the 8.5 billion dollar TVS Group with touchpoints across 60 countries.
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