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TVS Motor Company completes acquisition of Norton
Chennai, April 18, 2020
Two-wheeler and three-wheeler manufacturer TVS Motor Company has announced the successful acquisition of Britain's most iconic sporting motorcycle, "Norton", in an all-cash deal for a consideration of GBP16 million by acquiring certain assets of Norton Motorcycles (U.K.) Limited (in administration) through one of TVS Motor's overseas subsidiaries.
This will be one of the most interesting acquisitions of a storied motorcycle maker in recent times and will reflect TVS Motor Company's and India's rapidly rising prominence in the international two-wheeler market, a press release from the company said here on Friday.
Founded by James Lansdowne Norton, in Birmingham, in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time and is one of the most emotive marques today.
Since the 20th century, Norton Motorcycles 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.
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."
"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," he added.
The release said TVS Motor is excited about the existing and upcoming products at Norton Motorcycles including Commando, Dominator and V4 RR. "Confident of the strong synergy between both the brands, we believe that Norton Motorcycles can leverage TVS Motor Company's global reach and supply chain capabilities to expand to new markets," it added.
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.