Hosur (Tamil Nadu) [India], Apr 18 (ANI): Manufacturer of two-wheelers and three-wheelers TVS Motor Company has announced the acquisition of Britain's iconic sporting motorcycle Norton in an all-cash deal for 16 million pounds (about Rs 153 crore).
TVS Motor will acquire certain assets of Norton Motorcycles UK Ltd through one of its 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," it said in a statement.
Founded by James Lansdowne Norton in Birmingham during 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time and is considered one of the most emotive marques today.
Since the 20th century, Norton Motorcycles is renowned for its 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.
"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," said Joint Managing Director Sudarshan Venu.
"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," he said in a statement.
Venu said 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 under the guidance of financial advisors Rothschild and Company and legal advice for the transaction was provided by Khaitan & Company and Slaughter & May.
TVS Motor Company is the flagship company of the 8.5 billion dollar TVS Group with touchpoints across 60 countries. (ANI)