MUMBAI : TVS Motor Company Ltd has acquired the iconic British bike manufacturer Norton Motorcycles (UK) Ltd in an all-cash transaction of GBP 16 million, the company said in a regulatory filing on Friday late evening.

Mint had reported on April 8 that the homegrown two- and three-wheeler manufacturer was in talks to buy Norton, which ran out of cash in January and failed to pay taxes.

The company said that it’s overseas subsidiary TVS Motor Singapore Pte. Ltd has today signed an asset purchase agreement with Norton Motorcycles Holdings Ltd and Norton Motorcycles (UK) Ltd (both were in administration). The deal included acquisition of the brand Norton along with other associated brands.

The all-cash transaction was concluded by Project 303 Bidco Ltd, a newly incorporated company set up under TVS Motor’s Singapore subsidiary to acquire Norton, the company said in an official statement.

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

Sudarshan Venu, Joint Managing Director, TVS Motor said, “This (acquisition) presents us with an immense opportunity to scale up 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."

Venu further added that Norton would continue to retain its distinctive identity with dedicated business plans and TVS Motor will work closely with the customers and employees of the British company.

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