TVS Motor Company has introduced the profitable acquisition of Britain’s iconic sporting motorbike, “Norton”, in an all-cash deal for a consideration of GBP 16 million (Rs 153 Crore) by buying sure property of Norton Motorcycles (U.Okay.) Limited (in administration) via one in all TVS Motor’s abroad subsidiaries. This might be probably the most fascinating acquisitions of a storied motorbike maker in current instances and comes at a time when companies are discovering it to arduous to maintain because of COVID-19 impression on economic system.
Founded by James Lansdowne Norton, in Birmingham, in 1898, Norton Motorcycles is among the many hottest British motorbike manufacturers of all time. Since the 20th century, Norton Motorcycles is famend for his or her traditional fashions and eclectic vary of luxurious bikes starting from genuine retro traditional reboots of the well-known Commando to their modern 200 bhp, 1200cc V4 super-bikes.
Commenting on the acquisition, Mr. Sudarshan Venu, Joint Managing Director, TVS Motor Company stated, “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.”
Mr. Sudarshan Venu additional 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 beneath the steering of economic advisors, Rothschild and Co, and authorized recommendation for the transaction was supplied by Khaitan & Co, and Slaughter and May.