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

  • Investing.com
  • Economic Indicators News
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.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
  • Rishab Soni @Rishab Soni
    buy now this 💎 Monday shootup 700 target
    Like 0
  • Rishab Soni @Rishab Soni
    buy now this 💎 Monday shootup 700 target
    Like 1

Related Articles