TVS Motor Company has acquired Britain's Norton Motorcycles for GBP16 million (Rs 153.12 crore). One of the most iconic British motorcycle brands of all time, Norton Motorcycles manufactures popular products like V4 RR, Dominator, Commando 961 Cafe Racer MK II and Commando 961 Sport MK II.

"We wish to inform you that an overseas subsidiary of TVS Motor Company Ltd (TVS Motor) has today (17 April, 2020) signed an asset purchase agreement with, amongst others, Norton Motorcycles Holdings Ltd (in administration) and Norton Motorcycles (UK) Ltd (in administration) (together Norton) to acquire certain assets from Norton, including, the brand Norton and other associated brands. The transaction was also completed simultaneously," TVS Motor Company said in regulatory filing.

"The transaction is an all cash-transaction for a consideration of GBP16 million and was concluded by Project 303 Bidco Ltd. This is a newly incorporated company (with no business) that was acquired by TVS Motor's subsidiary (TVS Motor (Singapore) Pte. Ltd) for GBP1, immediately prior to signatures and closing of the aforesaid asset purchase transaction," it added.

Norton Motorcycles was founded by James Lansdowne Norton in 1898 in Birmingham, England. TVS Motor Company is one of the largest two-wheeler manufacturers of India.

"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," TVS Motor Company Joint Managing Director Sudarshan Venu said in a statement.

While Rothschild and Co were the financial advisors of TVS Motor Company for the acquisition, the legal advice for the transaction was provided to the two-wheeler manufacturer by Khaitan & Co, and Slaughter and May.

"We are delighted to grow and deepen the relationship with TVS Motors with this landmark deal. We were pleased to assist them in the cross-border acquisition of this legendary brand, and that too in these troubled times globally. Also, a big challenge for us to contend with was to complete a complex acquisition remotely through times where physical travel and meetings are impossible and unsafe. We truly value and cherish the trust and faith TVS have reposed in us," Khaitan & Co Partner Sameer Sah said.