NEW DELHI: TVS Motor has fully acquired Swiss E-Mobility Group (Holding) AG (SEMG) after it bought out the residual 25% stake in the e-bike company for a sum of Rs 176 crore. TVS Motor Company Limited had, through its Singapore subsidiary, TVS Motor (Singapore) Pte Ltd, acquired a 75% stake in SEMG on January 27, 2022.
In the latest deal announced on Saturday, the company acquired 38,217 common equity shares of SEMG at 517.36 Swiss Franc per share. The total consideration of the deal comes at about 19.77 million Swiss Franc or Rs 176 crore.
The shareholders' agreement executed between TVS Singapore, minority shareholders and SEMG, after the transaction on 27 January 2022 provided the minority shareholders with a put option right to sell their 25% balance stake in SEMG. The minority shareholders exercised the Put Option on 17 May 2023 and accordingly, a share purchase agreement was executed on 9 June 2023 between TVS Singapore and the minority shareholders for the sale of Sale Shares to TVS Singapore.
SEMG is a fully integrated e-bike platform with its core business consisting of the purchase and resale of its own branded e-bikes, third-party branded e-bikes and spare parts via retail and online stores in Switzerland and Germany. SEMG has a network of 34 retail stores in Switzerland and 2 stores in Germany.