TVS Motor Company has announced that it has acquired a 75% stake in Swiss E Mobility Group AG (SEMG) for 100 million dollars. With this procurement, the company is mulling at its expansion in Europe through a portfolio of premium and technology-leading brands, including Norton Motorcycles and EGO Movement.
“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. We see this as a key driver of our growth in Europe and other developed markets,” TVS Motor Company Chairman Venu Srinivasan said.
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Speaking on the occasion, the firm’s Chairman designates Ralf Speth said that SEMG complements TVS Motors’ acquisitions and further claimed that this will help strengthen the firm’s commitment to environmental sustainability.
SEMG one of the leading providers of e-mobility solutions within the DACH region operates the largest pure-play e-bike retail chain M-way in Switzerland with close to 100 million dollars in revenue.
The firm has a prestigious Swiss mobility brand portfolio and it combines its extensive physical network and e-commerce platform with 2 online platforms and 31 physical stores, resulting in seamless delivery and world-class customer experience.
As a sustainable means of transport, e-bikes are establishing themselves as the de-facto form of mobility in Europe. The e-market for the e-bicycle holds significant growth potential in Europe as the total bicycle population is growing at a CAGR of approximately 18%.
“In TVS Motor, we have found the ideal an exceptionally dynamic partner for SEMG to reinforce and expand the Group’s position as a market leader. The strategy of having a global leader like TVS as a majority of having a global leader like TVS as a majority shareholder not only offers untapped potential in quality assurance and procurement in the global supply chain but also lays the foundation for future expansion of the group beyond national borders,” CONSTELLATION CAPITAL’S MD Rainer Frohlich said.
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The acquisition has been made in an all-cash deal through TVS Motor’s Singapore Subsidiary-TVS Motor (Singapore) Pte Ltd. This is the second acquisition by TVS Motor in recent times after the buyout of a majority stake in e-mobility firm EGO Movement in September.
