TVS Motor buys British brand Norton Motorcycles for $20 million

Norton V4SS Carbon bodywork and red wheels. PHOTO COURTESY: NORTON MOTORCYCLES

India’s third-largest motorbike manufacturer TVS Motor has sealed a $20 million deal to buy British brand Norton Motorcycles as part of a distressed sale.

The all-cash transaction, which was announced on Friday, will see the Indian firm take control of the 122-year-old Leicestershire brand for 16 million pounds ($19.98 million) through one of its overseas subsidiaries.

It marks the latest swoop by an Asian company on an iconic British brand, after Jaguar Land Rover became part of Tata Motors.

 “Norton presents us with an immense opportunity to scale globally,” said TVS’s joint managing director Sudarshan Venu, adding his firm would provide “full support for Norton to regain its full glory”.

Reuters was first to report that an agreement had been reached, with TVS pledging to revive the British brand which is controlled by Chief Executive Stuart Garner.

TVS will invest in some of Norton’s most famous models, including Commando, Dominator and V4 RR.

Discussions between TVS and accountancy firm BDO – which acted as Norton’s administrator – kicked off earlier this year after the British firm, founded by James Lansdowne Norton in 1898, fell into administration in January.

Venu said TVS, which is listed in India with a market value of $1.8 billion, would work closely with Norton’s employees and customers to retain its identity and outline a specific business plan.

Rothschild acted as TVS’s financial adviser on the deal, while law firms Khaitan & Co and Slaughter and May provided legal advice. (REUTERS)

A model sits on a scooter at the TVS Motor company’s pavilion during the Indian Auto Expo in Greater Noida, on the outskirts of New Delhi. REUTERS

Related post

The 2021 Nissan Leaf Will Soon Arrive in Nepal

The Nissan Leaf, a compact five-door hatchback battery electric vehicle (BEV) introduced in Japan and the US in December 2010, will finally be making an appearance in Nepal this year. Nissan has revealed the news through its official Facebook page. Pioneer Moto Corp Pvt. Ltd, the authorized distributor of Nissan vehicles in Nepal, had previously […]

Read More

The 2021 MV Agusta F3 Rosso Revealed with a Euro 5 Engine

Italian automaker MV Agusta have announced the 2021 version of their popular bike F3 800 Rosso. Initially introduced in 2012, the MV Agusta F3 series has been offered since 2013 with two different engine sizes: 675 and 800 cc. The MV Agusta F3 Rosso for 2021 comes with multiple technical updates that enhance its usability […]

Read More

The Hyundai Alcazar is a Seven-Seater Creta | Details and Specifications

Hyundai Motor India Ltd is preparing to launch the all-new Hyundai Alcazar in India. This decision has been made during a time when the SUV’s global debut is facing delays due to the ongoing COVID-19 crisis–and it comes at a time when some states in India are locked down. Initially, the company had planned to […]

Read More

Ford F-150 Lightning Pickup: A Step Closer to an Electric Future

Automakers across the world are in a race to create cutting-edge all-electric vehicles that will wow the public and also not damage the environment. Ford is one of those companies going all-in to help create a greener and more sustainable (electric) future. Ford initiated its zero-emission journey with its beloved Mustang and Transit models, and […]

Read More

2021 Skoda Kodiaq Facelift | Variants, Features, and Specification Details

The Skoda Kodiaq has received its first mid-life upgrade since its debut in 2016. The Czech car manufacturer has revamped the model with changes on the exterior and interior, along with a few additions to the features list. The new Kodiaq, a full-size SUV, made its world premiere about a month ago and is expected […]

Read More

Shadow Top Brand Shadow