TVS Norton buyout was conducted without any of the party members stepping out for physical meetings due to COVID-19 pandemic.
While we all were locked down due to this prevailing Coronavirus pandemic, Indian two-wheeler behemoth TVS Motor has purchased British iconic motorcycle maker Norton Motorcycles.
TVS Norton Buyout
TVS officials completed the all cash deal which amounted to GBP 16 million which is equivalent to about 153 crores in INR. TVS Motor’s subsidiary TVS Motor Singapore acquired a newly created company Project 303 Bidco Limited which concluded the transaction.
With this deal, TVS now holds certain assets including the brand ‘Norton’ and other associated brands. Norton is an iconic motorcycle maker with a long history and it currently is based in United Kingdom and Northern Ireland.
Norton Motorcycles was being sold in India recently through its Indian distributor Motoroyale which is the multi-brand outlet of Kinetic Motors. However, with this acquisition, TVS will definitely mop up all the rights from Kinetic.
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Mr Sudarshan Venu, Joint Managing Director, TVS Motor 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
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TVS also informs that Norton will continue to be sold as a distinct identity and specific plans for the brand will be chalked out. It says the Brit brand can leverage TVS’ global reach and supply chain capabilities. There are clear hints that TVS Motor will expand the newly acquired brand to fresher markets.