TVS Motor Company on Thursday (27 January) announced the successful acquisition of a 75 per cent stake in the Swiss E-Mobility Group (SEMG).
In a statement, the company said that the acquisition reaffirms its commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired.
“SEMG is a market-leading provider of e-mobility solutions within the DACH region, operating the largest pure-play e-bike retail chain M-way in Switzerland with close to $100M in revenue,” the company said.
SEMG has a prestigious Swiss mobility brands portfolio, including Cilo, Simpel, Allegro, and Zenith- Bikes.
Announcing the acquisition, Venu Srinivasan, Chairman, TVS Motor Company, said, “TVS Motor has always been committed to sustainability and has been investing in electric vehicles for over 10 years. The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change.”
The acquisition has been made in an all-cash deal through TVS Motor’s Singapore Subsidiary, TVS Motor (Singapore) Private Ltd.