India’s TVS Motor snaps up British brand Norton Motorcycles

Photo: Reuters

India’s third-largest motorbike manufacturer TVS Motor has sealed a $20 million deal to buy British brand Norton Motorcycles as part of a distressed sale.

The all-cash transaction, which was announced on Friday, will see the Indian firm take control of the 122-year-old Leicestershire brand for 16 million pounds ($19.98 million) through one of its overseas subsidiaries.

It marks the latest swoop by an Asian company on an iconic British brand, after Jaguar Land Rover became part of Tata Motors.

“Norton presents us with an immense opportunity to scale globally,” said TVS’s joint managing director Sudarshan Venu, adding his firm would provide “full support for Norton to regain its full glory”.

Reuters was first to report that an agreement had been reached, with TVS pledging to revive the British brand which is controlled by Chief Executive Stuart Garner.

TVS will invest in some of Norton’s most famous models, including Commando, Dominator and V4 RR.

Discussions between TVS and accountancy firm BDO – which acted as Norton’s administrator – kicked off earlier this year after the British firm, founded by James Lansdowne Norton in 1898, fell into administration in January.

Venu said TVS, which is listed in India with a market value of $1.8 billion, would work closely with Norton’s employees and customers to retain its identity and outline a specific business plan.

Rothschild acted as TVS’s financial adviser on the deal, while law firms Khaitan & Co and Slaughter and May provided legal advice.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.