TVS Motor Company Ltd, a well-known British company that manufactures Norton Motorcycles (UK) Ltd, said in all-cash transaction of GBP 16 million, the company said in a regulatory recording Friday evening.

Mint reported on April 8 that the local two- and three-wheeler manufacturer was in talks to buy Norton, which ran out of cash in January and did not pay taxes.

The company said it is the foreign subsidiary TVS Motor Singapore Pte. Ltd today signed an asset purchase agreement with Norton Motorcycles Holdings Ltd and Norton Motorcycles (UK) Ltd (both were in administration). The deal involved acquiring the Norton brand with other associated brands.

The company said in an official statement that the cash transaction was concluded by Project 303 Bidco Ltd., a newly established subsidiary of TVS Motor in Singapore to acquire Norton.

Norton is a 122-year-old motorcycle company founded by  James Lansdowne Norton in Birmingham and has a popular series of bikes sold under the names Commando and Dominator.

“This (acquisition) gives us a tremendous opportunity to expand globally. This transaction is in line with our efforts to satisfy the aspirations of the most demanding motorcycle customers. ".

Venu added that Norton will continue to maintain its distinct identity through dedicated business plans and TVS Motor will work closely with the British company’s customers and employees.

PC : thequint

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