TVS Motor acquires majority stake in Swiss E-Mobility in $100-million deal
TVS Motor Company has acquired a 75% stake in electric-bike major Swiss E-Mobility Group (SEMG). Going forward, the company has plans to acquire the remaining 25% stake.
Published: 28th January 2022 07:48 AM | Last Updated: 28th January 2022 07:48 AM | A+A A-
Sudarshan Venu, Joint MD, TVS Motor, Sir Ralf Speth, Chairman designate, TVS Motor, Reto Waeffler - CEO SEMG, and others during the signing in ceremony
NEW DELHI: TVS Motor Company has acquired a 75% stake in electric-bike major Swiss E-Mobility Group (SEMG). Going forward, the company has plans to acquire the remaining 25% stake.
“The valuation of the company (SEMG) is $100 million. So, the acquisition cost is $100 million. We have bought 75% of the company now and plans to take the rest 25% at a later date, sometime next year,” said Sudarshan Venu, Joint Managing Director, TVS Motor Company.
The acquisition has been made in an all-cash deal through TVS Motor’s Singapore Subsidiary TVS Motor (Singapore) Pte Ltd.
SEMG is a provider of e-mobility solutions within the DACH region, operating e-bike retail chain M-way with close to $100 million in revenue. The DACH region refers to Germany (D), Austria (A), and Switzerland (CH).
