CHENNAI: Two- and three-wheeler maker TVS Motor Company Ltd on Friday announced the acquisition of British sporting motorcycle Norton for 16 million pounds (approx $20 mn) and a few assets of Norton Motorcycles (UK) Ltd (in administration).
In a statement, TVS Motor said the acquisition was made through one among the company's overseas subsidiaries.
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"This really is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the globe, and presents us with an immense opportunity to scale globally," Joint managing director Sudarshan Venu said, as per a press release.
"This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. we'll extend our full support for Norton to regain its full glory in the international motorcycle landscape," he added.
Speaking more about the buy off, the company said, "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."
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Norton Motorcycle was established as early as 1898 by James Lansdowne Norton, in Birmingham, UK.