TVS Motor Buys Majority Stake In European Electric Bike Maker
This is the second such acquisition by the Chennai-based two-wheeler maker in two years.
TVS Motor Co. agreed to acquire majority stake in a European mobility firm—its second such in as many years—as it looks to boost its foray into battery-powered vehicles.
The company’s Singapore subsidiary, TVS Motor Singapore Pte. Ltd., will buy into Switzerland-based EGO Movement in an all-cash deal, it said in an exchange filing. The deal amount wasn't disclosed.
EGO Movement, with presence in Switzerland and Germany, offers a portfolio of bikes, cargo bikes, and scooters—all electric. In April 2020, TVS Motor had acquired U.K.-based Norton Motorcycles.
“We’re building a strategic personal e-mobility ecosystem by scaling unique brands which share our vision of delivering compelling customer experience benchmarks through cutting-edge, aspirational products,” Sudarshan Venu, joint managing director of the Chennai-headquartered company, was quoted as saying in a statement.
The company, he said, aims to address global urbanisation by delivering unique e-mobility solutions.