TVS Motor Company after market hours on Friday announced the acquisition of Britain's most iconic sporting motorcycle, Norton in an all-cash deal for a consideration of GBP16 million.
The company said that the deal was completed by acquiring certain assets of Norton Motorcycles (U.K.) (in administration) through one of TVS Motor's overseas subsidiaries.
Commenting on the acquisition, Sudarshan Venu, Joint Managing Director, TVS Motor Company said that Norton is an iconic British brand celebrated across the world, and presents the company with an immense opportunity to scale globally. This transaction is in line with its effort to cater to the aspirations of discerning motorcycle customers.
Sudarshan Venu further added, Norton will continue to retain its distinctive identity with dedicated and specific business plans."
Norton Motorcycles (UK) is engaged in the business of manufacturing the iconic Norton and allied brand motorcycles. It is an entity based in the United Kingdom of Great Britain and Northern Ireland.
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TVS Motor Company jumped 9.01% to close at Rs 301.40 on Friday. Meanwhile, the S&P BSE Sensex gained 986.11 points or 3.22% to end at 31,588.72 in Friday's session.
TVS Motor Company is a two and three-wheeler manufacturer and is the flagship company of TVS group.
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