After 2 European Auto Cos, TVS Motor Now Acquires Largest Swiss EV Player

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After 2 European Auto Cos, TVS Motor Now Acquires Largest Swiss EV Player

By Malvika Gurung

Investing.com -- Auto major TVS Motor Company (NS: TVSM ) has picked up a 75% stake in Switzerland’s largest electric mobility solutions provider Swiss E-Mobility Group (SEMG) for $100 million.

As per TVS Motor’s press release, subsidiary TVS Motor Singapore concluded the acquisition through an all-cash deal, picking about 1.14 lakh common equity shares of the Swiss e-bike major.

The acquisition reinstates the Chennai based auto major’s commitment to expanding in the European markets, with a strong portfolio of premium and technology leading brands. TVS Motor had recently acquired Norton Motorcycles and EGO Movement, treading on the same path.

SEMG is a market leader in the Germany, Austria and Switzerland (DACH) region, boasting revenue of almost $100 million. It has 2 online stores and 31 physical stores, and the product portfolio consists of Cilo, Simpel, Allegro, and Zenith bikes.

The acquisition will enable TVS Motor to gulp a larger share in the e-personal mobility segment, providing its customers with sustainable mobility solutions, stated the release.

SEMG will enter the Indian market in H2 of the calendar year 2022.

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