TVS- one of India’s largest two and three wheelers manufacturer, on Friday purchased Norton Motorcycles Holdings Ltd and Norton Motorcycles UK for Rs.153 crore (16 million pounds).
Norton motorcycles was founded by James Lansdowne Norton in 1898. Norton motorcycle is one of the most popular British motorcycle brand.
Operating since 20th Century, Norton motorcycles is known 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.
Sudarshan Venu, joint managing director, TVS Motor Company said, "We have not taken on any past liabilities and responsibilities. We would take on almost all existing employees. Immediate focus will be on developed markets and 21 existing markets of Norton in US and America. We have a large number of orders which we will start delivering soon."
He further added, "We look forward to growing and nurturing the heritage of Norton. Norton has had management issues and economic issues. We will be able to overcome the issues that Norton has been facing for the past few years. Norton is 800 cc and above and we will serve a different customer segment with this motorcycle. Strong tie-up with BMW will continue. Acquisition of Norton is to serve a completely different segment,"
Rothschild and Co. served as the financial advisor while legal assistance in the deal was provided by Khaitan & Co. and Slaughter and May. Shares of TVS Motor Company, which have fallen 36 percent this year, closed 9 percent higher today ahead of the deal announcement.
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