TVS Motor Company has announced the successful acquisition of one of Britain’s most iconic sporting motorcycle, “Norton”, in an all-cash deal for consideration of GBP 16 million by acquiring certain assets of Norton Motorcycles (U.K.) Limited (in administration) through one of TVS Motor’s overseas subsidiaries.
The acquisition was undertaken under the guidance of financial advisors, Rothschild and Co, and legal advice for the transaction was provided by Khaitan & Co, and Slaughter and May. Founded by James Lansdowne Norton, in Birmingham, in 1898, Norton Motorcycles is a legendary, British motorcycling brand that is now under the ownership of an Indian company.
Commenting on the acquisition, Mr. Sudarshan Venu, Joint Managing Director, TVS Motor Company said, “This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world and presents us with an immense opportunity to scale globally. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape.”
Norton, which made its first motorcycle in 1902, has changed hands multiple times over the years. Its most recent owner was entrepreneur Stuart Garner, who tried to revive the brand with modern versions of its Commando and Dominator models. The 122-year-old Norton Motorcycles ran out of cash in January and failed to pay taxes. TVS Motor Company is excited about the existing and upcoming products at Norton Motorcycles including Commando, Dominator and V4 RR.