New Delhi: TVS the leading two-wheeler manufacturer has acquired Norton, a sporting motorcycle company based in the UK. The deal is worth Rs 153 crore, according to TVS. The TVS subsidiary will acquire Norton’s properties and brands in Britain as part of the deal.
Norton Motorcycles was started by James Lansdowne Norton in 1898 in Birmingham, England. The company is well known for its production of classic motorcycles. Norton’s V4, Dominator, Commando 961 Cafe Racer MK-2 and Commando 961 Sport MK-2 are popular models.
“We wish to inform you that an overseas subsidiary of TVS Motor Company Ltd (TVS Motor) has today (17 April, 2020) signed an asset purchase agreement with, amongst others, Norton Motorcycles Holdings Ltd (in administration) and Norton Motorcycles (UK) Ltd (in administration) (together Norton) to acquire certain assets from Norton, including, the brand Norton and other associated brands. The transaction was also completed simultaneously,” TVS Motor Company said in regulatory filing.
“The transaction is an all cash-transaction for a consideration of GBP16 million and was concluded by Project 303 Bidco Ltd. This is a newly incorporated company (with no business) that was acquired by TVS Motor’s subsidiary (TVS Motor (Singapore) Pte. Ltd) for GBP1, immediately prior to signatures and closing of the aforesaid asset purchase transaction,” it added.